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Selected financial statement information and additional data for Cullumber Enterprises is presented below: Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2020 December
Selected financial statement information and additional data for Cullumber Enterprises is presented below: Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $162,180 $126,140 Accounts Receivable 252.280 324,360 Inventory 414,460 360,400 Total Current Assets 828,920 810,900 Property, Plant, and Equipment 1,315,460 1,189,320 Less: Accumulated Depreciation (504,560) (468,520) 810,900 720.800 Total Assets $1,639,820 $1,531,700 Current Liabilities: Accounts Payable $198.220 $108,120 Notes Payable 54,060 72,080 Income Taxes Payable 90,100 81,090 Total Current Liabilities 342,380 261,290 Bonds Payable 360,400 414,460 Total Liabilities 702,780 675,750 Stockholders' Equity: Common Stock 540,600 495,550 Retained Earnings 396,440 360,400 Total Stockholders' Equity 937,040 855,950 Total Liabilities & Stockholders' Equity 1,639,820 1,531,700 Sales Revenue $1,711,900 $1,603,780 Less Cost of Goods Sold 796,060 774,860 Additional Information: During the year, Cullumber sold equipment with an original cost of $162,180 and accumulated depreciation of $126,140 and purchased new equipment for $288.320. Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow with either a-sign e.g. - 15,000 or in parenthesis eg. (15,000).) Cullumber Enterprises Statement of Cash Flows Adjustments to reconcile net income to Selected financial statement information and additional data for Cullumber Enterprises is presented below: Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $162,180 $126,140 Accounts Receivable 252.280 324,360 Inventory 414,460 360,400 Total Current Assets 828,920 810,900 Property, Plant, and Equipment 1,315,460 1,189,320 Less: Accumulated Depreciation (504,560) (468,520) 810,900 720.800 Total Assets $1,639,820 $1,531,700 Current Liabilities: Accounts Payable $198.220 $108,120 Notes Payable 54,060 72,080 Income Taxes Payable 90,100 81,090 Total Current Liabilities 342,380 261,290 Bonds Payable 360,400 414,460 Total Liabilities 702,780 675,750 Stockholders' Equity: Common Stock 540,600 495,550 Retained Earnings 396,440 360,400 Total Stockholders' Equity 937,040 855,950 Total Liabilities & Stockholders' Equity 1,639,820 1,531,700 Sales Revenue $1,711,900 $1,603,780 Less Cost of Goods Sold 796,060 774,860 Additional Information: During the year, Cullumber sold equipment with an original cost of $162,180 and accumulated depreciation of $126,140 and purchased new equipment for $288.320. Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow with either a-sign e.g. - 15,000 or in parenthesis eg. (15,000).) Cullumber Enterprises Statement of Cash Flows Adjustments to reconcile net income to
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