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Comparative balance sheets for kingbird, Inc. are presented as follows. Kingbird, Inc Comparative Balance Sheets December 31 Assets 2019 Cash $73,350 Accounts receivable 84,450 Inventory
Comparative balance sheets for kingbird, Inc. are presented as follows. Kingbird, Inc Comparative Balance Sheets December 31 Assets 2019 Cash $73,350 Accounts receivable 84,450 Inventory 179,300 Land 74,600 Equipment 250,400 Accumulated depreciation-equipment (65,850) Total $596,250 Liabilities and Stockholders' Equity Accounts payable $33.400 Bonds payable 150,300 Common stock ($1 per) 214,300 Retained earnings 198.250 Total $596,250 2018 $22,300 76,650 189.550 101,400 200,900 (42.600) $548,200 $47.500 199,000 164.100 137,600 $548,200 1. Additional information: Net income for 2019 was $134,800. 2. Cash dividends of $74.150 were declared and paid. 3. Bonds payable amounting to $48,700 were redeemed for cash $48.700. Common stock was issued for $50.200 cash. 5. Depreciation expense was $23,250. Sales revenue for the year were $976,200. Land was sold at cost, and equipment was purchased for cash. 7. Prepare a worksheet for a statement of cash flows for 2019 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesise.g. (15,000.) Statement of Cash Flows Reconcili Balance 12/31/18 Debit Balance Sheet Accounts Debits Cash Accounts receivable Inventory Land Equipment Total Credits Accumulated depreciation-equipment Accounts payable Bonds payable Common stock Retained earnings Total Statement of Cash Flow Effects
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