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Additional Information: During the year, Sunland sold equipment with an original cost of $143,820 and accumulated depreciation of $111,860 and purchased new equipment for $255,680.
Additional Information: During the year, Sunland sold equipment with an original cost of $143,820 and accumulated depreciation of $111,860 and purchased new equipment for $255,680. Prepare a statement of cash flows for the year ending December 31, 2020.
Sunland Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $143,820 $111,860 Accounts Receivable 223,720 287,640 Inventory 367,540 319,600 Total Current Assets 735,080 719,100 Property, plant, and Equipment Less: Accumulated Depreciation 1,166,540 (447,440) 719,100 $1,454,180 1,054,680 (415,480) 639,200 $1,358,300 Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $175,780 47,940 79.900 303.620 $95,880 63,920 71,910 231,710 Bonds Payable Total Liabilities 319,600 623 220 367,540 599,250 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 479,400 351,560 830,960 1,454,180 439,450 319,600 759,050 1,358,300 $1,518,100 705,940 812,160 $1,422,220 687,140 735,080 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment 127,840 335,580 31,960 143,820 367,540 31,960 11,280 554,500 257,560 103,024 154,536 Income Before Taxes Less Income Tax Expense Net Income 495,380 239,700 95,880 143,820Step by Step Solution
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