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I need help with the statement of cash flows. The Blue Rascal Corporation Income Statement 12/31/2019 2019 Sales $ 890,000 Expenses: Cost of Goods Sold
I need help with the statement of cash flows.
The Blue Rascal Corporation Income Statement 12/31/2019 2019 Sales $ 890,000 Expenses: Cost of Goods Sold Operating Expenses Interest Expense Loss on Sale of Equipment 530,000 221,000 12,000 2,000 765,000 Income from Operations 125,000 Other information: 1. Operating expenses include depreciation expense of $33,000 and amortization of prepaid expenses of $2,000 2. Land was sold for book value for cash. 3. Cash dividends of $55,000 were paid in 2019 4. Interest expense of $12,000 was paid in cash. 5. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $41,000 and a book value of $36,000 was sold for $34,000. 6. Bonds were redeemed at their book value for cash. 7. Common stock ($1 par) was issued for cash. The Blue Rascal Corporation Balance Sheet December 31, 2018 and 2019 Increase Decrease Assets 2018 2019 37,000 26,000 17,000 42,000 Cash Accounts Receivable Inventory Prepaid Expenses 54,000 68,000 54,000 4,000 6,000 (2,000) (25,000) Land Building Accumulated Depreciation - Building 70,000 200,000 (11,000) 45,000 200,000 (21,000) (10,000) Equipment Accumulated Depreciation - Equipment 68,000 (10,000) 193,000 (28,000) 125,000 (18,000) Total Assets 386,000 569,000 183,000 Liabilities and Stockholder's Equity Accounts Payable Bonds Payable 40,000 150,000 33,000 110,000 (7,000) (40,000) Common Stock Retained Earnings 60,000 136,000 220,000 206,000 160,000 70,000 Total Liabilities and Stockholder's Equity 386,000 569,000 183,000 The Blue Rascal Corporation Statement of Cash Flows 12/31/2019 Cash Flows from Operating Activities: Net Income Adjustments to reconcile net income to net cash provided by operating activities. Net Cash Flows from Operating Activities Cash Flows from Investing Activities: Cash Flows from Financing Activities $ Net Increase (Decrease) in Cash Cash @ 01/01/19 Cash @ 12/31/19Step by Step Solution
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