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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.
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: . Net income for the year ended December 31, 2020, was $99,000. Dividends paid during the year ended December 31, 2020, were $63,500 Accounts receivable decreased $11,000 during the year ended December 31, 2020, The cost of new buildings acquired during 2020 was $134,000, 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 $187,500 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. 5 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.) HOLMAN INC Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets Current assets Cash $ 63,500 $ Accounts receivable Inventory 161.000 Total cursos (Land Buildings Armada 11 48.000 138,500 105.000 371.600 145.000 205000 11 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 Al December 31, 2020 and 2019 2020 2019 Assets: Current assets Cash $ 53,500 $ 48,000 138,500 161,000 185,000 $ 371,500 145.000 285,000 (130,000) (113,000) $ 317,000 $ 688,500 Accounts receivable Inventory Total current assets Land Buildings Loss: Accumulated depreciation Total land & buildings Total assets Liabilities: Current liabilities Accounts payable Note payable Total current liabilities Long-term dobt Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 194,500 164,000 126.000 $ 326,500S 320,500 $141.000 $ 50 000 $ 46,500 180,500 $ 227.000 5 688,500 Required B Required A Required B Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Add (deduct) items not affecting cash Cash paid to acquire new buildings Cash received from Issuance of common stock Cash received from issuance of long-term debt Decrease in accounts payable $ 0 $ 0 Cash flows from financing activities $ $ 0 0 Cash balance, January 1, 2020 Cash balance, December 31, 2020 $ 0
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