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Question 13 (7 Grades) The following comparative balance sheets 2019 & 2020 and additional information for National Company are given Assets Dec 31, Dec. 31.
Question 13 (7 Grades) The following comparative balance sheets 2019 & 2020 and additional information for "National Company are given Assets Dec 31, Dec. 31. 2020 2019 Cash $312,000 $52,000 Accounts Receivable 104,000 96,000 Inventory and supplies 60,000 116,000 Investments 0 72 000 Machines 228,000 208,000 Accumulated depreciation. (56,000) (40,000) Machines Total Assets $648.000 $504,000 Liabilities & Stockholders Equity Note payable 148,000 Bonds payable (long-term) 148,000 Common Stock 160,000 Retained Earnings 192,000 Total Liabilities & Stockholders $648,000 Equity Income Statement & Additional information 108,000 188,000 88,000 120,000 $504,000 SAMSUNG 11 15 9 12 14 13 1 10 2 7 3 5 8 4 6 Note payablo 148,000 108,000 Bonds payable (long-term) 148.000 188,000 Common Stock 160.000 88,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders $648,000 $504,000 Equity Income Statement & Additional Information: 1. Net income for the current year ending December 31, 2020 is $116,000. 2. Sold investments for cash cost $72,000 and resulting in $12,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid 4. All the following transactions are in cash: Purchased new machines, repay bonds payable, and issuance common stock Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 (PLEASE PROVIDE EACH AMOUNT/ITEM IN A SEPARATE LINE) ALTEN
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