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Presented below are data taken from the records of Blossom Company. December 31, 2020 December 31, 2019 Cash $15,100 $7,900 Current assets other than cash
Presented below are data taken from the records of Blossom Company.
December 31, 2020 | December 31, 2019 | |||
Cash | $15,100 | $7,900 | ||
Current assets other than cash | 85,600 | 59,800 | ||
Long-term investments | 9,900 | 53,500 | ||
Plant assets | 333,500 | 213,200 | ||
$444,100 | $334,400 | |||
Accumulated depreciation | $19,800 | $40,000 | ||
Current liabilities | 39,800 | 22,000 | ||
Bonds payable | 75,100 | 0 | ||
Common stock | 252,600 | 252,600 | ||
Retained earnings | 56,800 | 19,800 | ||
$444,100 | $334,400 |
Additional information:
1. | Held-to-maturity debt securities carried at a cost of $43,600 on December 31, 2019, were sold in 2020 for $33,700. The loss (not unusual) was incorrectly charged directly to Retained Earnings. | |
2. | Plant assets that cost $50,000 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. | |
3. | Net income as reported on the income statement for the year was $57,000. | |
4. | Dividends paid amounted to $8,100. | |
5. | Depreciation charged for the year was $19,800. |
Prepare a statement of cash flows for the year 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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