Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 12-09 Here are comparative balance sheets for Metlock, Inc.. 2019 Metlock, Inc. Comparative Balance Sheets December 31 Assets 2020 Cash $ 72,700 Accounts receivable
Exercise 12-09 Here are comparative balance sheets for Metlock, Inc.. 2019 Metlock, Inc. Comparative Balance Sheets December 31 Assets 2020 Cash $ 72,700 Accounts receivable 86,300 Inventory 169,700 Land 72,200 Equipment 260,400 Accumulated depreciation-equipment (65,700) $595,600 Liabilities and Stockholders' Equity Accounts payable $ 35,500 Bonds payable 148,300 Common stock ($1 par) 217,500 Retained earnings 194,300 Total $595,600 $ 33,400 71,100 187,500 101,400 199,300 (34,300) $558,400 Total $ 47,500 203,300 172,500 135,100 $558,400 Additional information: 1. Net income for 2020 was $104,100. 2. Cash dividends of $44,900 were declared and paid. 3. Bonds payable amounting to $55,000 were redeemed for cash $55,000. 4. Common stock was issued for $45,000 cash. 5. No equipment was sold during 2020, but land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
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