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by using the indirect method create the cash flow statement for the company for the year ended Dec 31, 2020. include the supplemental disclosures at
by using the indirect method create the cash flow statement for the company for the year ended Dec 31, 2020. include the supplemental disclosures at the bottom of the statement.
3.000 Walton Company had the following comparative balance sheet information for 2021: 12/31/2020 12/31/2021 Cash $5,000 58,000 Merchandise Inventory 23,000 19.000 Prepaid Insurance 2,000 Available for Sale Securities 1,000 5,600 Equipment 90,000 96.000 Accumulated Depreciation -10.000 -14.600 Total Assets $111.000 $117,000 $2,000 100 6,300 30,000 1.800 20.000 17.800 39,000 $117,000 S120,000 - 50.000 70,000 Accounts Payable $7,600 Interest Payable 600 Income Taxes Payable 4.800 Bonds Payable 40,000 Premium on Bonds Payable 2.000 Common Stock, $10 par 15,000 Paid in Capital in Excess of Par 13,000 Retained Earnings 28.000 Total Liab & Stock Equity $111,000 Walton also prepared the following income statement for 2020: Sales Cost of Goods Sold Gross Profit Operating Expenses Wages Depreciation Utilities Insurance Income From Operations Other Revenues Gain on Sale of Assets Other Expenses Interest Expense Income Before Income Tax Income Tax Expense Net Income $20,000 14,000 12.000 2.100 48.100 21,900 + 1.600 - 2.500 21,000 - 6.300 $14.700 Additional Information for Year 7: a. Sold 200 shares of common stock for $20.50 per share in cash b. Paid $5,200 in cash for Available for Sale Securities. c. Sold equipment for $4,900 in cash. The equipment cost $13.400 and had a book value of $4,000 d. Paid off $10,000 of bonds payable on the due date. c. Exchanged 300 shares of common stock for $5,700 of equipment. f. Sold S600 of Available for Sale Securities for $1,300 in cash. g. Declared and paid cash dividends during the year. h. Amortized $200 of the Premium on Bonds Payable. Use the indirect method to prepare the statement of cash flows for Walton Company for the year ended December 31, 2020. Include the supplemental disclosures at the bottom of the statement Step by Step Solution
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