Question 8 of 9 Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $ 21,900 $ 34,900 Accounts receivable 111,000 54,500 Inventory 228,000 204,000 Land 72,000 113,000 Equipment 275,000 202,000 Accumulated depreciation-equipment (70,300) (43,700) Total $ 637,600 $ 564,700 Liabilities and Shareholders' Equity Accounts payable $ 52,900 $ 59,200 Bonds payable 151,900 204,900 Common shares 230,000 177,000 Retained earnings 202,800 123,600 Total $637,600 $564,700 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $ 138,000. 2. Cash dividends of $ 58,800 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $ 53,000 were retired through issuance of common shares. 4. Land was sold at a gain of $ 5,000. 5. No equipment was sold during the year. CONCORD INDUSTRIES INC. Statement of Cash Flows For the Year Ended December 31, 2020 v Cash Flows from Operating Activities Net Income /(Loss) $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense $ Increase in Accounts Receivable Increase in Inventory Decrease in Accounts Payable IT DOO Decrease in Inventory Net Cash Provided by Investing Activities Cash Flows from Financing Activities Cash at Beginning of Year Decrease in Inventory Net Cash Provided by Investing Activities Cash Flows from Financing Activities ion Cash at Beginning of Year Cash at End of year During the year, Concord retired $ in bonds payable by issuing common shares. e Textbook and Media Save for Later Attempts: 2 of 15 used Submit