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Prepare the statement of cash flows using the indirect method for the year ended December 31, 20X1. Use the following information for Baramidze & Partners
Prepare the statement of cash flows using the indirect method for the year ended December 31, 20X1. Use the following information for Baramidze & Partners Inc., to prepare a statement of cash flows using the indirect method: Baramidze & Partners Inc. Comparative Balance Sheets December 31, 20X1 December 31, 20X0 Assets GEL GEL Land 190,000 240,000 Equipment 500,000 360,000 Accumulated depreciation 150,000 90,000 Inventories 240,000 350,000 Accounts receivable 128,000 120,000 Cash 386,000 241,000 TOTAL ASSETS 540,000 510,000 Liabilities and Shareholders' Equity GEL GEL Accounts payable 84,000 100,000 Bonds payable 320,000 440,000 Common stock 400,000 360,000 Retained earnings 490,000 321,000 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 1,294,000 1,221,000 Additional information follows: a. Net income for the fiscal year ended December 31, 20X1, was GEL 190,000. b. The company declared and paid cash dividends. c. The company redeemed bonds payable amounting to GEL 120,000 for cash of GEL 120,000 d. The company issued common stock for GEL 40,000 cash
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