Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the year ended December 31, 2020, you determine the following: 020, was $94.ee $63,000 2020 Net Income for the year ended December 31, 2020, was $94,500. Dividends paid during the year ended December 31, 2020, were $63,000. Accounts receivable decreased $14,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $133,000. No buildings were disposed of during 2020. The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2020, was $181,500. Required: a. Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) b. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash Accounts receivable Inventory Total current assets Land Buildings Less: Accumulated depreciation $ 52,500 134,500 159,500 $ 346,500 148,000 405,500 (131,000) S 46,500 149,000 187.000 S 382,500 148,000 272,500 (113,500) Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the year ended December 31, 2020, you determine the following: 020, was $94.ee $63,000 2020 Net Income for the year ended December 31, 2020, was $94,500. Dividends paid during the year ended December 31, 2020, were $63,000. Accounts receivable decreased $14,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $133,000. No buildings were disposed of during 2020. The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2020, was $181,500. Required: a. Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) b. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash Accounts receivable Inventory Total current assets Land Buildings Less: Accumulated depreciation $ 52,500 134,500 159,500 $ 346,500 148,000 405,500 (131,000) S 46,500 149,000 187.000 S 382,500 148,000 272,500 (113,500)
