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Presented below are data taken from the records of Sarasota Company. December 31, 2020 December 31, 2019 Cash $14,900 $8,000 Current assets other than cash
Presented below are data taken from the records of Sarasota Company.
December 31, 2020 | December 31, 2019 | |||
Cash | $14,900 | $8,000 | ||
Current assets other than cash | 84,300 | 59,700 | ||
Long-term investments | 9,900 | 53,100 | ||
Plant assets | 332,400 | 216,800 | ||
$441,500 | $337,600 | |||
Accumulated depreciation | $20,200 | $40,400 | ||
Current liabilities | 39,800 | 21,900 | ||
Bonds payable | 74,500 | 0 | ||
Common stock | 253,200 | 253,200 | ||
Retained earnings | 53,800 | 53,800 | ||
$441,500 | $337,600 |
Additional information:
1. | Held-to-maturity debt securities carried at a cost of $43,200 on December 31, 2019, were sold in 2020 for $34,000. The loss (not unusual) was incorrectly charged directly to Retained Earnings. | |
2. | Plant assets that cost $49,500 and were 80% depreciated were sold during 2020 for $8,100. The loss was incorrectly charged directly to Retained Earnings. | |
3. | Net income as reported on the income statement for the year was $56,700. | |
4. | Dividends paid amounted to $14,000. | |
5. | Depreciation charged for the year was $19,400. |
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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