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pls help me solve this. thanks! The comparative statement of financial position of Martinez Corporation as at December 31, 2020, follows: MARTINEZ CORPORATION Statement of
pls help me solve this. thanks!
The comparative statement of financial position of Martinez Corporation as at December 31, 2020, follows: MARTINEZ CORPORATION Statement of Financial Position December 31 December 31 Assets 2020 2019 Cash $ 51,000 $ 9,400 Accounts receivable 89,800 89,000 Equipment 27,400 21,500 Less: Accumulated depreciation (10,000 (11,300 Total $ 158,200 $ 108,600 Liabilities and Shareholders' Equity Accounts payable $ 20,300 $ 14,600 Common shares 100,000 79,500 Retained earnings 37,900 14,500 Total $ 158,200 $ 108,600 Net income of $36,500 was reported and dividends of $13,100 were declared and paid in 2020. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11,900 and accumulated depreciation of $7,100) was sold for $7,600. epare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Martinez prepares ancial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in renthesis e.g. (15,000).) MARTINEZ CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income/(Loss) $ ta Adjustments to reconcile net income to net cash provided by operating activities: $ + $ A - - LESStep by Step Solution
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