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gnment The following are the financial statements of Concord Corporation. Concord Corporation Comparative Balance Sheets December 31 Assets 2020 2019 Cash $38,000 $20,900 Accounts receivable
gnment The following are the financial statements of Concord Corporation. Concord Corporation Comparative Balance Sheets December 31 Assets 2020 2019 Cash $38,000 $20,900 Accounts receivable 33,000 19,300 Inventory 30,800 20,500 Equipment 59,500 77,500 Accumulated depreciation-equipment (29,700) (23,400) Total $131,600 $114,800 2 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,200 $16,400 7,300 8,500 27,300 33,300 17,000 14,500 51,800 42,100 $131,600 $114,800 Concord Corporation Income Statement For the Year Ended December 31, 2020 Sales revenue $241,900 Cost of goods sold 175,300 Gross profit 66,600 Operatina expenses 23,200 Total Concord Corporation Income Statement For the Year Ended December 31, 2020 Sales revenue $241,900 Cost of goods sold 175,300 Gross profit 66,600 Operating expenses 23,200 Income from operations 43,400 Interest expense 2,700 Income before income taxes 40,700 Income tax expense 7,200 Net income $33,500 Additional data: 1. Dividends declared and paid were $23,800. 2. During the year, equipment was sold for $9,700 cash. This equipment cost $18,000 originally and had a book value of $9,700 at the time of sale. 3. All depreciation expense, $14,600, is in the operating expenses. 4. All sales and purchases are on account. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign .g.-15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows
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