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Completion Status: Assets Dec. 31, 2020 Dec. 31, 2019 Cash $156,000 $26,000 Accounts Receivable 52,000 48,000 Inventory and supplies: 30,000 58,000 Investments 0 36,000 Machines
Completion Status: Assets Dec. 31, 2020 Dec. 31, 2019 Cash $156,000 $26,000 Accounts Receivable 52,000 48,000 Inventory and supplies: 30,000 58,000 Investments 0 36,000 Machines 114,000 104,000 Accumulated depreciation-Machines (28,000) (20,000) Total Assets $324,000 $252,000 Liabilities & Stockholders' Equity Note payable $ 74,000 $54,000 Bonds payable (long-term) 74,000 94,000 Common Stock 80,000 44,000 Retained Earnings 96,000 60.000 Total Liabilities & Stockholders', $324,000 $252,000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 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
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