Comparative balance sheets are presented below for Winnie Corporation for the last two years at December 31.
Question:
Comparative balance sheets are presented below for Winnie Corporation for the last two years at December 31.
|
| 2021 |
| 2020 |
|
|
|
|
|
Assets | ||||
Cash |
| $78,000 |
| $35,000 |
Accounts receivable |
| 90,000 |
| 83,000 |
Inventories |
| 200,000 |
| 202,000 |
Land |
| 93,000 |
| 125,000 |
Equipment |
| 264,000 |
| 210,000 |
Less: Accumulated |
|
|
|
|
Depreciation |
| (71,000) |
| (52,000) |
|
|
|
|
|
Total |
| $654,000 |
| $603,000 |
|
|
|
|
|
Liabilities and Stockholders' Equity | ||||
Accounts payable |
| $46,000 |
| $64,000 |
Bonds payable |
| 144,000 |
| 210,000 |
Common stock |
| 246,000 |
| 180,000 |
Retained earnings |
| 218,000 |
| 149,000 |
|
|
|
|
|
Total |
| $654,000 |
| $603,000 |
Additional information:
Net income for 2021 was $117,000, cash dividends of $48,000 were declared and paid, no equipment was sold, equipment was purchased, no land was purchased, but land was sold at a gain of 4,000, bonds payable amounting to $66,000 were retired through the issuance of common stock. All long-term asset transactions were cash transactions.
Required:
Prepare the Statement of Cash Flows.