Page 5 1 > of 2 ZOOM Chapter 13 Extra Credit Assignment Peace Love Hope Corporation Classified Balance Sheet December 31, 2019 and 2018 Dec 31, 2019 Dec 31, 2018 Assets Cash Accounts Receivable Inventory Office Supplies Prepaid Insurance Long-Term Investments Land Equipment Accumulated Depreciation Total Assets 7,393,800 2,205,900 4,968,200 617,300 973,150 1,000,000 3,300,000 5,280,000 (425,000) 25,313,350 4,221 180 1,169,000 5,512,890 550,280 640,150 1,200,000 910,000 4,000,000 (380,000) 17,823,500 Enter Full Screen Liabilities & Equity Accounts Payable Unearned Revenue Salaries Payable Dividends Payable Note Payable Common Stock Paid in Capital Retained Earnings Total Liabilities & Equity 3,750,000 980,000 5,260,000 267,000 612,550 8,125,000 425,000 5,893,800 25,313,350 3,026,000 1,187,500 4,950,000 245,000 200,000 7,250,000 165,000 800,000 17,823,500 Instructions: Use the Financial Statements to create a Statement of Cash Flows for the Year Ended December 31, 2019 Page of 2 ZOOM Instructions: Use the Financial Statements to create a Statement of Cash Flows for the Year Ended December 31, 2019 Additional information to prepare the Statement of Cash Flows includes: 1) A loss of $50,000 was recorded for the sale of long-term investments. 2) Cash received from the sale of long-term investments was $150,000. 3) Cash used to purchase land was $2,390,000 4) Cash used to purchase equipment was $1,280,000. 5) Dividends declared were $80,000. 6) Cash received from the issuance of notes payable was $412,550. 7) The company issued additional common stock. Enter Full Screen Chapter 13 Extra Credit Assignment Peace Love Hope Corporation Income Statement For the Year Ended December 31, 2019 Sales 10,100,000 2,525,000 Cost of Goods Sold Gross Profit 7,575,000 Page