Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ing comparative balance sheets 2019 & 2020 and additional infor Assets Dec. 31, Dec. 31, 2020 2019 Cash $152,000 $44,000 Accounts Receivable 48,000 42,000 Inventory
Ing comparative balance sheets 2019 & 2020 and additional infor Assets Dec. 31, Dec. 31, 2020 2019 Cash $152,000 $44,000 Accounts Receivable 48,000 42,000 Inventory and supplies 28,000 38,000 Investments 0 36,000 Machines 114,000 104,000 Accumulated depreciation- Machines (28,000) (20,000) Total Assets $314,000 $244,000 Liabilities & Stockholders' Equity Note payable $74,000 $54,000 Bonds payable (long-term) 64,000 86,000 Common Stock 80,000 44,000 Retained Earnings 96,000 60,000 Total Liabilities & Stockholders' $314,000 $244,000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable; and issuance commone Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started