Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comp Dec. 31 2019 $52,000 96,000 116,000 72,000 208,000 (40,000) $504,000 rades) he following comparative balance shee 2010 & Assets Dec. 1, 200 Cash $312.000

image text in transcribed
image text in transcribed
image text in transcribed
Comp Dec. 31 2019 $52,000 96,000 116,000 72,000 208,000 (40,000) $504,000 rades) he following comparative balance shee 2010 & Assets Dec. 1, 200 Cash $312.000 Accounts Receivable 104,000 Inventory and supplies 60,000 Investments 0 Machines 228,000 Accumulated depreciation- (56,000) Machines Total Assets $648,000 108,000 188,000 88,000 120,000 $504,000 148,000 148,000 160,000 192,000 $648,000 Liabilities & Stockholders' Equity Note payable Bonds payable (long-term) Common Stock ntained Earnings lities & Stockholders' nal information: (7 Grades) The following comparative balance sheets 2019 & 2020 and additional information for National Company are given Assets Dec. 31. Dec. 31. 2020 2019 Cash $52.000 Accounts Receivable 0 96,000 Inventory and supplies 0 116.000 Investments 0 72,000 Machines 228,000 208,000 Accumulated depreciation- (56,000) (40,000) Machines Total Assets $648,000 $504,000 Liabilities & Stockholders' Equity Note payable 148,000 Bonds payable (long-term) 148,000 Common Stock 160,000 Retained Earnings 192,000 Total Liabilities & Stockholders' $648.000 Equity Income Statement & Additional information: 108,000 188,000 88,000 120,000 $504,000 Cup Note payable 148.000 108.000 Bonds payable (long-term) 148.000 188,000 Common Stock 160.000 88,000 Retained Earnings 192,000 120.000 Total Liabilities & Stockholders' $6 $504,000 Equity Income Statement & Additional information 1. Net income for the current year ending December 31, 2020 is $116,000 2. Sold investments for cash, cost $72,000 and resulting in $12,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable, and issuance common stock Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 (PLEASE PROVIDE EACH AMOUNT / ITEM IN A SEPARATE LIN For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Paragraph B I V S Arial 10pt 21 v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Information Systems Enhancing Performance Of The Enterprise

Authors: Abraham Nyirongo

1st Edition

1490754997, 9781490754994

More Books

Students also viewed these Accounting questions