Question
I need cash flow statement using indirect method for year ended Dec 31, 2019. Thank you A comparative balance sheet for Jackson Guide Company, Inc.
I need cash flow statement using indirect method for year ended Dec 31, 2019. Thank you
A comparative balance sheet for Jackson Guide Company, Inc. appears below:
JACKSON COMPANY, Inc.
Comparative Balance Sheet
Dec. 31, 2019Dec. 31, 2018
Assets
Cash$112,000$5,000
Accounts receivable 25,000110,000
Supplies15,00010,000
Equipment35,00060,000
Accumulated depreciationequipment(10,000)(20,000)
Total assets$177,000$165,000
Liabilities and Stockholders' Equity
Accounts payable$43,000$20,000
Bank Loan (due in 2021)30,00045,000
Common stock60,00060,000
Retained earnings44,00040,000
Total liabilities and stockholders' equity$177,000$165,000
Additional information:
1.Net Income was $ 28,000 for the year ending December 31, 2019.
2Equipment (Vehicle) was sold during the year for $18,000. The original cost of the was $25,000 and the accumulated depreciation on the Vehicle at the time of sale was $15,000.
3.Cash dividends of $ 24,000 were declared and paid during the year.
4.Depreciation Expense was $5,000 in 2019.
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