Question
Based upon the comparative Balance Sheets for 12/31/20 and 2019, the 2020 Income Statement, and the additional information for Halpern Inc., prepare its 12/31/20 Statement
Based upon the comparative Balance Sheets for 12/31/20 and 2019, the 2020 Income Statement, and the additional information for Halpern Inc., prepare its 12/31/20 Statement of Cash Flows . Halpern Inc. Comparative Balance Sheets 2020 2019 Change Assets Cash 37,000 26,000 11,000 Increase Accounts receivable 70,000 50,000 20,000 Increase Prepaid Insurance 16,000 17,000 1,000 Decrease Land held for investment 18,000 30,000 12,000 Decrease Furniture 8,000 0 8,000 Increase Equipment 70,000 85,000 15,000 Decrease Less: Accum. Deprec. ( 20,000) (13,000) 7,000 Increase Total Assets 199,000 195,000 Liabilities and Stockholders Equity Accounts Payable 3,000 5,000 2,000 Decrease Accrued Expenses 8,000 2,000 6,000 Increase Bonds Payable 17,000 19,000 2,000 Decrease Common Stock, $1 PV 30,000 20,000 10,000 Increase APIC 120,000 96,000 24,000 Increase Retained Earnings 21,000 53,000 32,000 Decrease Total Liab. and Equity 199,000 195,000 Halpern Inc Income Statement For the year ended December 31, 2020 Service Revenue 50,000 Less: Operating Expenses (including $17,000 depreciation expense) 40,000 Income from Operations 10,000 Add: Gain on Sale of Equipment 1,000 Deduct: Loss on Sale of Land ( 5,000) - 4,000 Net Income 6,000 Additional information: A. $8,000 of furniture was acquired for cash. B Land with a $12,000 book value was sold for $7,000 cash at a loss of $5,000. C. Equipment with a $5,000 book value was sold for $6,000 cash at a gain of $1,000. D. $2,000 of bonds payable were redeemed for cash. E. Common stock was issued for cash. F. $38,000 of cash dividends were paid during the year.
Prepare a statement of cash flows for A-F
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