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Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment 2019 2018 $36,000 $21,000 32,700 18,900 30,100 20,100 59,60077,600 Accumulated depreciation-equipment (29,400) (23,300) $129,000
Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment 2019 2018 $36,000 $21,000 32,700 18,900 30,100 20,100 59,60077,600 Accumulated depreciation-equipment (29,400) (23,300) $129,000 $114,300 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,000$16,800 7,2008,400 26,70032,100 17,700 13,400 49,400 43,600 $129,000 $114,300 Total Windsor, Inc. Income Statement For the Year Ended December 31, 2019 $242,500 175,200 Sales revenue Cost of goods sold Windsor, Inc. Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense For the Year Ended December 31, 2019 $242,500 175,200 67,300 24,900 42,400 2,700 Income before income taxes 39,700 7,400 $32,300 Income tax expense Net income Additional data: 1. Dividends declared and paid were $26,500. 2. During the year, equipment was sold for $9,600 cash. This equipment cost $18,000 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account. 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.a. (15,0 Windsor, Inc. Statement of Cash Flows Adjustments to reconcile net income to
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