Question
Amazing Answers Association Balance Sheet December 31, 2020 and 2021 Assets Current Assets Cash Accounts Receivable 2021 2020 $25,300 $15,400 $6,000 $7,300 Inventory $2,000
Amazing Answers Association Balance Sheet December 31, 2020 and 2021 Assets Current Assets Cash Accounts Receivable 2021 2020 $25,300 $15,400 $6,000 $7,300 Inventory $2,000 $1,200 Total Current Assets $33,300 $23,900 Property, Plant and Equipment $4,500 $2,500 less: Accumulated Depreciation -$600 -$500 Total Property, Plant and Equipment $3,900 $2,000 TOTAL ASSETS $37,200 $25,900 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $7,500 $8,000 Income Taxes Payable $4,000 $3,000 Total Current Liabilities $11,500 $11,000 Long Term Notes Payable $3,000 $4,500 TOTAL LIABILITIES $14,500 $15,500 Stockholder's Equity Common Stock Retained Earnings TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES AND STOCKHOLER'S EQUITY Useful Information: $7,200 $6,000 $15,500 $4,400 $22,700 $10,400 $37,200 $25,900 *Cash dividends of $1,000 were paid in 2021. * Equipment that Amazing Answers purchased for $1,000 was sold in 2021 for $1,200. Accumulated depreciation on the equipment was $200. * Common stock of $1,200 was issued during 2021. Notes Payable of $1,500 were repaid. Net Income for 2021 was $12,100. PREPARE A STATEMENT OF CASH FLOWS FOR AMAZING ANSWERS ASSOCIATION FOR 2021 USING THE INDIRECT METHOD. DETERMINE FREE CASH FLOWS FOR 2021.
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