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I want a quick solution, please (18). Hassan Corporation's comparative balance sheets are presented below. HASSAN CORPORATION Comparative Balance Sheets December 31 Cash Accounts receivable
I want a quick solution, please
(18). Hassan Corporation's comparative balance sheets are presented below. HASSAN CORPORATION Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation - Equipment Total 2020 2019 S 27,200 S 17,700 24,200 22.300 20,000 20,000 60,000 70,000 (14,000) (10,000) $117.400||$116,000 Accounts payable Bonds payable Common stock Retained earnings Total S 19,600 $ 11,100 10,000 30,000 55,000 45,000 32,800 29.900 $117.400 S116,000 Additional information: (1). Net income was $34,300. Dividends declared and paid were $31,400. (2). Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $5,300. (3). No noncash investing and financing activities occurred during 2020. Instructions (a). Prepare a statement of cash flows for 2020 using the indirect method. (4.2 marks) (b). Compute free cash flow. (0.8 marks) (18). Hassan Corporation's comparative balance sheets are presented below. HASSAN CORPORATION Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated depreciation - Equipment Total 2020 2019 S 27,200 S 17,700 24,200 22.300 20,000 20,000 60,000 70,000 (14,000) (10,000) $117.400||$116,000 Accounts payable Bonds payable Common stock Retained earnings Total S 19,600 $ 11,100 10,000 30,000 55,000 45,000 32,800 29.900 $117.400 S116,000 Additional information: (1). Net income was $34,300. Dividends declared and paid were $31,400. (2). Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $5,300. (3). No noncash investing and financing activities occurred during 2020. Instructions (a). Prepare a statement of cash flows for 2020 using the indirect method. (4.2 marks) (b). Compute free cash flow. (0.8 marks) Step by Step Solution
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