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Exercise 5-16 (Part Level Submission) A comparative balance sheet for Sheridan Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation
Exercise 5-16 (Part Level Submission) A comparative balance sheet for Sheridan Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($par) Retained earnings Total December 31 2020 2019 $ 72,850 $ 22,000 84,910 69,060 182,910 192,060 73,910 113,060 262,910 203,060 (71,910) (45,060) $605,580 $554,180 $ 36,910 150,000 214,000 204,670 $605,580 $ 50,060 200,000 164,000 140,120 $554,180 Additional information: 1. Net income for 2020 was $130,820. No gains or losses were recorded in 2020. 2. Cash dividends of $66,270 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. (a) Prepare a statement of cash flows for 2020 for Sheridan Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15, 000).) SHERIDAN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Issued common stock to retire $ of bonds outstanding
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