ACCT 322 Intermediate Accounting II

Williams Corp. has provided the following information for the year ended December 31, 2020.

Williams Corp

Comparative Balance Sheet

December 31, 2019 and 2020

2020 2019

Cash $15,000 $5,000

Accounts Receivable 29,000 36,000

Merchandise Inventory 56,000 29,000

Prepaid Expenses 20,000 64,000

Long-term investments 60,000 50,000

Plant Assets 330,000 351,000

Accumulated Depreciation Plant Assets (88,000) (102,000)

Total Assets $422,000 $433,000

Accounts Payable $58,000 $70,000

Accrued Liabilities 7,000 3,000

Bonds Payable 50,000 100,000

Common Stock 173,000 153,000

Retained Earnings 134,000 107,000

Total Liabilities and Stockholders' Equity $422,000 $433,000

Additional information provided by the company includes the following:

1. Held-to-maturity securities carried at a cost of $25,000 on December 31, 2019, were sold in 2020 for $30,000.
2. Fully depreciated plant assets that cost $57,000 were sold during 2020 for $2,000.
3. During 2020, the company repaid $20,000 of bonds payable by issuing common stock.
4. Dividends were paid in 2020 were $20,000.
5. Depreciation charged for the year was $43,000.

Prepare the 2020 statement of cash flows, using the indirect method. You must use the Excel worksheet provided in the assignment for your problem. No problems will be accepted using any other method.