Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Attempt in Progress A comparative statement of financial position for Blue Spruce Industries Inc follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December
Current Attempt in Progress A comparative statement of financial position for Blue Spruce Industries Inc follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22.200 D $35,200 Accounts receivable 124.000 56,000 Inventory 228.000 196.000 Land 89.000 116.000 Equipment 272.000 207.000 Accumulated depreciation-equipment (69.900 (43,200 Total $665.300 $567,000 $53,200 $61.000 163,000 211.000 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total 220.000 172.000 229.100 123.000 $665.300 $567,000 Additional information: 1. 2 Net income for the fiscal year ending December 31, 2020, was $140.000 Cash dividends of $33.900 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $48.000 wereretired through issuance of common shares Land was sold at a sain of $4.000 3 4. 5. No equipment was sold during the year (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preces the number eg -45 or parentheses eg (45).) BLUE SPRUCE INDUSTRIES INC. Statement of Cash Flows ma Adjustments to reconcile net income to net cash provided by operating activities: $ >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started