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Exercise 12-10 a-b Kingbird, Inc.'s comparative balance sheets are presented below: 2019 Kingbird, Inc. Comparative Balance Sheets December 31 2020 Cash $ 16,600 Accounts receivable
Exercise 12-10 a-b Kingbird, Inc.'s comparative balance sheets are presented below: 2019 Kingbird, Inc. Comparative Balance Sheets December 31 2020 Cash $ 16,600 Accounts receivable 24,900 Investments 20,250 Equipment 60,150 Accumulated depreciation-equipment (14,150 ) Total $107,750 $ 17,500 22,000 16,050 69,750 (10,300 ) $115,000 Accounts payable Bonds payable Common stock Retained earnings Total $ 14,550 11,000 49,700 32,500 $107,750 $ 11,150 30,100 45,100 28,650 $115,000 Additional information: 1. Net income was $18,250. Dividends declared and paid were $14,400. 2. Equipment which cost $9,600 and had accumulated depreciation of $1,800 was sold for $3,800. 3. No noncash investing and financing activities occurred during 2020. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000).) CALCULATOR Kingbird, Inc. Statement of Cash Flows $ Adjustments to reconcile net income to $ LINK TO TEXT LINK TO TEXT
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