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Current Attempt in Progress Selected financial statement information and additional data for Ivanhoe Co. is presented below. December 31 2019 2020 Cash $41,000 $65,600 Accounts
Current Attempt in Progress
Selected financial statement information and additional data for Ivanhoe Co. is presented below.
December 31 | ||||||
2019 | 2020 | |||||
Cash | $41,000 | $65,600 | ||||
Accounts receivable (net) | 83,000 | 142,000 | ||||
Inventory | 169,000 | 207,000 | ||||
Land | 55,000 | 20,000 | ||||
Equipment | 500,000 | 786,000 | ||||
TOTAL | $848,000 | $1,220,600 | ||||
Accumulated depreciation | $82,000 | $114,000 | ||||
Accounts payable | 48,000 | 86,000 | ||||
Notes payable - short-term | 65,000 | 29,000 | ||||
Notes payable - long-term | 168,000 | 301,000 | ||||
Common stock | 418,000 | 488,000 | ||||
Retained earnings | 67,000 | 202,600 | ||||
TOTAL | $848,000 | $1,220,600 |
Additional data for 2020: | ||
1. | Net income was $217,000. | |
2. | Depreciation was $32,000. | |
3. | Land was sold at its original cost. | |
4. | Dividends of $81,400 were paid. | |
5. | Equipment was purchased for $83,000 cash. | |
6. | A long-term note for $203,000 was used to pay for an equipment purchase. | |
7. | Common stock was issued to pay a $70,000 long-term note payable. |
Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Ivanhoe Co. Statement of Cash Flows $ Adjustments to reconcile net income to v v $ V > SStep by Step Solution
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