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Flounder Corporations balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,160 Current liabilities $151,160 Land 31,250 Bonds payable
Flounder Corporations balance sheet at the end of 2019 included the following items.
Current assets (Cash $82,000) | $236,160 | Current liabilities | $151,160 | ||||
Land | 31,250 | Bonds payable | 101,160 | ||||
Buildings | 121,160 | Common stock | 181,250 | ||||
Equipment | 91,250 | Retained earnings | 45,250 | ||||
Accum. depr.-buildings | (31,160 | ) | Total | $478,820 | |||
Accum. depr.-equipment | (11,000 | ) | |||||
Patents | 41,160 | ||||||
Total | $478,820 |
The following information is available for 2020.
1. | Net income was $57,090. | |
2. | Equipment (cost $21,160 and accumulated depreciation $9,160) was sold for $11,160. | |
3. | Depreciation expense was $5,160 on the building and $10,160 on equipment. | |
4. | Patent amortization was $2,500. | |
5. | Current assets other than cash increased by $29,000. Current liabilities increased by $14,160. | |
6. | An addition to the building was completed at a cost of $28,160. | |
7. | A long-term investment in stock was purchased for $16,000. | |
8. | Bonds payable of $51,250 were issued. | |
9. | Cash dividends of $30,000 were declared and paid. | |
10. | Treasury stock was purchased at a cost of $11,000. |
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).)
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.)
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