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 $98,500. Dividends paid during the year ended December 31, 2020, were $64,000. Accounts receivable decreased $12,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $128,000. 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 $180,500. 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. 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 $ 56,000 $ 48,000 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 $ 56,000 $ 48,000 Accounts receivable 147,500 Inventory 175,000 189,000 Total current assets $ 384,500 Land 149,000 Buildings 279,000 Less: Accumulated depreciation (127,500) (111,500) Total land & buildings $ 316,500 Total assets $ 701,000 Liabilities: Current liabilities: Accounts payable $ 194,000 Note payable 161,000 126,000 Total current liabilities $ 324,500 $ 320,000 Long-term debt $ 151,000 Stockholders' Equity: Common stock $ 53,000 $ 46,500 Retained earnings 183,500 Total stockholders' equity $ 230,000 Total liabilities and stockholders' equity $ 701,000 $ 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 flows from investing activities: Cash flows from financing activities: Cash flows from investing activities: Cash flows from financing activities: Cash balance, January 1, 2020 Cash balance, December 31, 2020 Required A Required B
