Question 2 of 3 Comparative balance sheets for Cullumber Company are presented as follows. Cullumber Company Comparative Balance Sheets December 31 Assets 2019 Cash $72,000 Accounts receivable 84.000 Inventory 179,000 Land 74,000 Equipment 249.000 Accumulated depreciation-equipment (65,000 Total $593,000 Liabilities and Stockholders' Equity Accounts payable $33,000 Bonds payable 149.000 Common stock ($1 par) 213,000 Retained earnings 198,000 Total $593,000 2018 $21,000 75,000 188,000 100,000 199,000 (41,000) $542.000 $46,000 199,000 163,000 134,000 $542,000 Additional information: 1. 2. Net income for 2019 was $134,000. Cash dividends of $70,000 were declared and paid. Bonds payable amounting to $50,000 were redeemed for cash $50,000. ORI 3. mere to search PrtScn Hol F2 F3 F4 FS FO F7 Additional information: 1 2 3. 4 5. 6. 7. Net income for 2019 was $134,000. Cash dividends of $70.000 were declared and paid. Bonds payable amounting to $50,000 were redeemed for cash $50,000. Common stock was issued for $50,000 cash. Depreciation expense was $24,000. Sales revenue for the year were $976,000. Land was sold at cost, and equipment was purchased for cash, Prepare a worksheet for a statement of cash flows for 2019 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a -signes. -15,000 or in parenthesis es (15,0001) Cullumber Company Worksheet Statement of Cash Flows For the Year Ended December 31, 2019 Reconciling Items Balance Sheet Accounts Balance 12/31/18 Credit Debits Debit Cash Accounts receivable Inventory i E 9 re to search Prisen End Poup F6 F3 %23 # $ % 5 & 7 8 6 9 0 3 4 O E R Y U T W G K I S D F c V IN NM . B Prepare a worksheet for a statement of cash flows for 2019 using the indirect method, Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a - sign eg.-15,000 or in parenthesis eg. (15,000)) Cullumber Company Worksheet Statement of Cash Flows For the Year Ended December 31, 2019 Reconciling Items Balance 12/31/18 Debit Credit Balance Sheet Accounts Debits Cash Accounts receivable Inventory I Land Equipment Total Credits Accumulated depreciation equipment Accounts payable Bonds payable O Prtson F Home End PgUp $10 F6 # % 5 & 7 8 6 3 9 4 E R Y o T U D F G H . L NM lumber Company Worksheet nent of Cash Flows Ended December 31, 2019 Reconciling Items Debit Credit Balance 12/31/19 11:25 AM 9/10/2020 ins Home 18 End PrtScn PgDn 11 PgUp F10 F9 F6 A & % 5 6 7 8 9 0 o P . Y H G . L ? N M Credits Accumulated depreciation equipment Accounts payable Bonds payable Common stock Retained earnings Total Statement of Cash Flow Effects Operating Activities Net Income Increase in Accounts Receivable Decrease in Accounts Payable Depreciation Expense Investing Activities Issuance of Common Stock to search BRI Prison Home End Pgup 14 $ 4 % 5
