Blue Spruce Corp. Comparative Balance Sheets December 31 2019 2018 Assets Cash $118,300 $47,700 Accounts receivable 91,000 33,900 Inventory 112,200 102,000 Prepaid expenses 29,700 26,000 Investments 139,800113,800 Equipment 265,600241,400 Accumulated depreciation-equipment(47,200)(52,400) Total $709,400 $512,400 Liabilities and Stockholders' Equity Accounts payable $111,800 $67,200 Accrued expenses payablee 17,000 16,500 Bonds payable 111,800 149,800 Common stock 219,700174,200 Retained earning:s 249,600104,200 Total $709,400 $512,400 Blue Spruce Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue $393,000 Less: Cost of goods sold $134,900 Operating expenses, excluding depreciation 11,500 Depreciation expense 30,600 Income tax expense 26,400 Interest expense 4,800 Loss on disposal of plant assets 7,500 215,700 $177,300 Net income Additional information: 1. New equipment costing $80,200 was purchased for cash during the year. 2. Old equipment having an original cost of $56,000 was sold for $12,700 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $31,900 was declared and paid during the year. Blue Spruce Corp. Statement of Cash Flows For the Year Ended December 31, 20194 Net Cash Provided by Operating Activities 177300 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities 5200 Depreciation Expense Increase in Accounts Receivable -57100 Increase in Inventory 10200 Increase in Prepaid Expenses -3700 Loss on Disposal of Plant Assets 7500 44600 Increase in Accounts Payable -500 Decrease in Accrued Expenses Payable Net Cash Provided by Operating Activities4 Net Cash Provided by Investing Activities -12700 Purchase of Plant Assets Issuance of Common Stock 45500 -31900 Payment of Cash Dividends Net Cash Used by Financing Activities Net Cash Used by Financing Activities -31900 Payment of Cash Dividend:s Redemption of Common Stock -45500 Redemption of Bonds -38000 Net Cash Used by Financing Activities Cash at Beginning of Period 477700 70600 Net Increase in Cash 118300 Cash at End of Period
