Question
Pina Colada Corp.'s comparative balance sheets are presented below. Pina Colada Corp. Comparative Balance Sheets December 31 2019 2018 Cash$14,200 $11,000 Accounts receivable21,500 23,500 Land19,600
Pina Colada Corp.'s comparative balance sheets are presented below.
Pina Colada Corp.
Comparative Balance Sheets
December 31
2019
2018
Cash$14,200
$11,000
Accounts receivable21,500
23,500
Land19,600
25,800
Buildings70,100
70,100
Accumulated depreciationbuildings(15,400
)
(10,500
)
Total$110,000
$119,900
Accounts payable$11,900
$27,700
Common stock75,900
73,600
Retained earnings22,200
18,600
Total$110,000
$119,900
Additional information:
1.Net income was $22,500. Dividends declared and paid were $18,900.2.No noncash investing and financing activities occurred during 2020.3.The land was sold for cash of $4,900.
a statement of cash flows for 2020 using the indirect method
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Financial Accounting An Integrated Statements Approach
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
2nd Edition
324312113, 978-0324312119
