CALCULATOR FULL SCREEN PRINTER VERSION 4 BACK TES Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 3) Assets 2020 2019 Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment Total $117,100 93,000 111,400 30,000 141,000 264,700 (46,100) $711,100 $47,400 32,700 102,700 25,300 113,100 241,500 (51,500) $511,200 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,300 16,100 118,400 220,900 244,400 $711,100 $67,100 17,400 149,600 174,000 103,100 $511,200 CHENG INC. Income Statement Ve Ey Policy 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons Inc a O W Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION $391,600 RESOURCES w 014 02A (Part ission 07A (Video) Submission) 09A 11A CHENG ICE Income Statement For the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold $134,600 Operating expenses, excluding depreciation 12,200 Depreciation expense 30,600 Income tax expense 27,500 Interest expense 5,000 Loss on disposal of plant assets 7,500 Net income by Study 217,400 $174,200 Additional information: 1. New equipment costing $79,700 was purchased for cash during the year. 2. old equipment having an original cost of $56,500 was sold for $13,000 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $32,900 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. CHENG INC. Statement of Cash Flows Privacy Policy. 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of lohn Wiley & Sons, Inc. P N CHENG INC. Statement of Cash Flows RESOURCES w --01A -02A (Part ission -07A (Video) Submission) -09A 11A $ Adjustments to reconcile net income to v s by Study > Version 4.24.20.1 at | Privacy Policy. I 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. 9:50 PM 7/27/2020 w a hp