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Prepare the statement of cash flows using the indirect method CANYON CANOE COMPANY Comparative Balance Sheet December 31, 2018 and 2019 2019 2018 Assets Current
Prepare the statement of cash flows using the indirect method
CANYON CANOE COMPANY Comparative Balance Sheet December 31, 2018 and 2019 2019 2018 Assets Current Assets: Cash Short-term Investments, net Accounts Receivable, net S 523,693 12,125 23,840 2,422 355 60 7,600 Office Supplies Prepaid Rent 165 2,000 Property, Plant, and Equipment: 155,000 610,000 12,000 150,000 (35,180) 85,000 35,000 12,000 Office Furniture and Equipment Accumulated Depreciation-PP&E (850) Total Assets 1,442,190 153,040 Liabilities Current Liabilities: Accounts Payable Utilities Payable Telephone Payable Wages Payable Notes Payable Interest Payable Unearned Revenue S 5,195 S3,050 295 325 1,250 745 700 4,250 15,000 350 500 50 350 Long-term Liabilities: Notes Payable Mortgage Payable Bonds Payable Discount on Bonds Payable 7,200 405,000 210,000 (1,270) 647,670 7,200 Total Liabilities 12,520 Stockholders' Equity Paid-In Capital: Preferred Stock Paid-In Capital in Excess of Par-Preferred Common Stock Paid-in Capital in Excess of Par--Common 60,000 10,000 186,000 36,000 150,000 388,520 794,520 140,520 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 4,520 1,442,190 153,040 The Statement of Cash Flows 797 Additional data follow: 1. The income statement for 2019 included the following items: a. Net income, $417,000 Depreciation expense for the year, $34,330 c. Amortization on the bonds payable, $254 2. There were no disposals o f property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $210,000, receiving cash 4. The company distributed 4,000 shares of common stock in a stock dividend when 5. The common stock, except for the stock dividend, was issued for cash. of $208,476. the market value was $4.50 per share. All other dividends were paid in cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations. uirement Prepare the statement of cash flows for the year ended December 31,2019, using the indirect methodStep by Step Solution
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