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Financial Reporting Theory 2 Chapter 21 Show full calculations December 31, December 31, ASSETS 2019 2018 Cash $ 14,000 $ 9,000 Accounts receivable 52,000 24,000

Financial Reporting Theory 2 Chapter 21

Show full calculations

December 31,

December 31,

ASSETS

2019

2018

Cash

$ 14,000

$ 9,000

Accounts receivable

52,000

24,000

Inventory

87,000

40,000

Equipment

125,000

100,000

Accumulated depreciation

(42,000)

(34,000)

Prepaid expenses

4,000

2,000

Land

-0-

7,000

Building

50,000

-0-

Total Assets

$290,000

$148,000

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable

$ 25,000

$ 14,000

Interest payable

8,000

6,000

Taxes payable

37,000

11,000

Short-term note payable

37,000

32,000

Bonds payable

75,000

50,000

Common stock, $10 par

75,000

25,000

Retained earnings

33,000

10,000

Total Liabilities and Shareholders Equity

$290,000

$148,000

Additional 2017 information:

Net income, $31,000

Sold land for gain of $3,000

Paid dividends of $8,000

Issued $50,000 common stock to purchase building

Required: Prepare Fancy Company's 2019 statement of cash flows using the indirect method.

Including the Schedule 1: Investing and Financing Activities Not Affecting Cash

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