Exercise 5-17 Kingbird Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,320 Current liabilities $151,320 Land 31,520 Bonds payable 101,320 Buildings 121,320 Common stock 181,520 Equipment 91,520 Retained earnings 45,520 Accum. depr.-buildings (31,320) Total $479,680 Accum. depr.-equipment (11,000) Patents 41,320 Total $479,680 The following information is available for 2020. 1. 2. 3. 4. 5. 6. 7. Net income was $53,040. Equipment (cost $21,320 and accumulated depreciation $9,320) was sold for $11,320. Depreciation expense was $5,320 on the building and $10,320 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,320. An addition to the building was completed at a cost of $28,320. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,520 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. 8. 9. 10. Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.) KINGBIRD CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity $ Click if you would like to Show Work for this question: Open Show Work List of Accounts Exercise 5-17 Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advances to Employees Allowance for Doubtful Accounts Bonds Payable Bond Sinking Fund Buildings Cash Cash Surrender Value of Life Insurance Common Stock Construction in Process Copyrights Debt Investments Dividends Payable Discount on Bonds Payable Equipment Equity Investments Finished Goods Inventory Franchises Goodwill Income Tax Payable Income Tax Receivable Interest Payable Interest Receivable Inventory Investments in Common Stock Investments in Stocks and Bonds Land Land Held for Future Use Notes Payable Notes Receivable Noncontrolling Interest Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Patents Payroll Tax Expense Payroll Taxes Payable Pension Liability Pension Obligation Plant Assets Premium on Bonds Payable Preferred Stock Preferred Stock Investments Prepaid Advertising Prepaid Insurance Prepaid Expenses Prepaid Rent Raw Materials Receivables-Officers Rent Payable Restricted Cash Retained Earnings Salaries and Wages Payable Supplies Timberland Treasury Stock Trademarks Trading Securities Unearned Service Revenue Unearned Rent Revenue Unearned Subscriptions Revenue Withholding Taxes Payable Work-in-Process
