Question
Below is the comparative balance sheet for Larkspur Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,400 $21,100 Short-term investments 25,200 19,100 Accounts receivable 43,400
Below is the comparative balance sheet for Larkspur Corporation.
Dec. 31, 2020 | Dec. 31, 2019 | |||||
---|---|---|---|---|---|---|
Cash | $16,400 | $21,100 | ||||
Short-term investments | 25,200 | 19,100 | ||||
Accounts receivable | 43,400 | 45,100 | ||||
Allowance for doubtful accounts | (1,900 | ) | (2,000 | ) | ||
Prepaid expenses | 4,300 | 2,400 | ||||
Inventory | 82,200 | 65,200 | ||||
Land | 50,100 | 50,100 | ||||
Buildings | 125,100 | 73,600 | ||||
Accumulated depreciationbuildings | (29,700 | ) | (23,000 | ) | ||
Equipment | 52,600 | 45,900 | ||||
Accumulated depreciationequipment | (19,100 | ) | (15,300 | ) | ||
Delivery equipment | 39,400 | 39,400 | ||||
Accumulated depreciationdelivery equipment | (22,200 | ) | (20,700 | ) | ||
Patents | 14,900 | 0 | ||||
$380,700 | $300,900 | |||||
Accounts payable | $26,000 | $16,000 | ||||
Short-term notes payable (trade) | 4,000 | 5,900 | ||||
Accrued payables | 3,000 | 4,700 | ||||
Mortgage payable | 72,600 | 52,800 | ||||
Bonds payable | 50,200 | 61,900 | ||||
Common stock | 140,500 | 101,200 | ||||
Paid-in capital in excess of par | 10,000 | 4,100 | ||||
Retained earnings | 74,400 | 54,300 | ||||
$380,700 | $300,900 |
Dividends in the amount of $15,100 were declared and paid in 2020. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short-term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities.
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