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Prepare just the Operating Section of the Statement of Cash Flows using the indirect method. Russell Company Comparative Balance Sheet Dec. 31, 2020 Dec. 31,
Prepare just the Operating Section of the Statement of Cash Flows using the indirect method. Russell Company Comparative Balance Sheet Dec. 31, 2020 Dec. 31, 2019 Increase/Decrease Assets Cash Accounts Receivable Land Equipment Accumulated Depreciation - Equipment Total Assets 38,000 50,000 0 60,000 18,000 130,000 13,000 38,000 18,000 30,000 14,000 85,000 25,000 Increase 12,000 Increase (18,000) Decrease 30,000 Increase 4,000 Increase Liabilities & Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Stockholders' equity 25,000 37,000 40,000 28,000 130,000 7,000 45,000 23,000 10,000 85,000 18,000 Increase (8,000) Decrease 17,000 Increase 18,000 Increase Additional Information: 1. Net income for the year ending December 31, 2020 was $30,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Land on balance sheet that had a book value of $18,000 was sold for $13,000. Thus, Land was sold at a $5,000 loss. 4. No equipment was sold during the year
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