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Question 5 of 7 View Policies Show Attempt History Current Attempt in Progress Here are comparative balance sheets for Migitsu Company: Prepare a statement
Question 5 of 7 View Policies Show Attempt History Current Attempt in Progress Here are comparative balance sheets for Migitsu Company: Prepare a statement of cash flows-indirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $75,000 $24,000 Accounts receivable 87,000 76,000 Inventories 170,000 190,000 Land 71,000 99,000 Equipment 259,000 198,000 Accumulated depreciation (64,000) (31,000 Total $598,000 $556,000 Liabilities and Stockholders' Equity Accounts payable $35.000 $43,000 Bonds payable 149,000 212,000 Common stock ($1 par) 217.000 173,000 Retained earnings 197.000 128,000 Total $598,000 $556.000 2.575 Additional information: 1. Nat income for 2020 was $99.000. 2. Cash dividends of $30,000 were declared and paid. 3. Bonds payable amounting to $63.000 were redeemed for cash $63.000 4 Common stock was issued for $44,000 cash 5 Equipment that cost $49,000 and had a book value of $29,400 was sold for $34,400 during 2020; land was sold at cost
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