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Prepare a statement of cash flows for 2020 Windsor Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets
Prepare a statement of cash flows for 2020
Windsor Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land WINDSOR INC. BALANCE SHEET DECEMBER 31, 2019 $21,100 Accounts payable 22,300 Notes payable (long-term) 33,100 Common stock 81,000 Retained earnings 41,100 $198,600 $31,100 42,100 101,100 24,300 $198,600 During 2020, the following occurred. 1. Windsor Inc. sold part of its debt investment portfolio for $15,216. This transaction resulted in a gain of $3,616 for the firm. The company classifies these investments as available-for-sale. 2. Atract of land was purchased for $14,100 cash. 3. Long-term notes payable in the amount of $16,216 were retired before maturity by paying $16,216 cash. 4. An additional $20,216 in common stock was issued at par. 5. Dividends of $8,416 were declared and paid to stockholders. 6. Net income for 2020 was $33,100 after allowing for depreciation of $11,216. 7. Land was purchased through the issuance of $36,100 in bonds. 8. At December 31, 2020, Cash was $38,100, Accounts Receivable was $42,700, and Accounts Payable remained at $31,100Step by Step Solution
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