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help please Exercise 5-16 A comparative balance sheet for Flounder Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment
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Exercise 5-16 A comparative balance sheet for Flounder Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,780 $ 22,000 83,570 67,790 181,570 190,790 72,570 111,790 261,570 201,790 (70,570) (43,790 $601,490 $550,370 $ 35,570 150,000 214,000 201,920 $601,490 $ 48,790 200,000 164,000 137,580 $550,370 Additional information: 1. Net income for 2020 was $128,140. No gains or losses were recorded in 2020. 2. Cash dividends of $63,800 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2020 for Flounder Corporation. (Show amounts that decrease cash flow with either a signed (15,000).) Prepare a statement of cash flows for 2020 for Flounder Corporation. (Show amounts that decrease cash flow with either a - sig (15,000).) FLOUNDER CORPORATION Statement of Cash Flows v V Adjustments to reconcile net income to v $ CALC Issued common stock to retires of bonds outstanding Issued common stock to retire $ of bonds outstanding LINK TO TEXT Determine Flounder Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current casi decimal places., e.g. 0.67.) Current cash debt coverage .1 Cash debt coverage :1 Free cash flow $1 Comment on its liquidity and financial flexibility. Flounder has liquidity. Its financial flexibility is Click if you would like to Show Work for this question: Qren Show Work Step by Step Solution
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