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Spreadsheet and Statement The following 2019 information is available for Stewart Company: Condensed Income Statement for 2019 Sales $ 9,000 Cost of goods sold 16,000)
Spreadsheet and Statement The following 2019 information is available for Stewart Company: Condensed Income Statement for 2019 Sales $ 9,000 Cost of goods sold 16,000) Other expenses (2,000) Loss on sale of equipment (260) Gain on sale of land 400 Net income $ 1,140 400 350 1,600 300 Comparative Balance Sheets December 31, December 31, 2018 2019 Cash $ 700 $1,130 Accounts receivable 450 310 Inventory Land 500 Equipment 1,800 Less: Accumulated depreciation (200) (150) Total Assets $3,200 $3,990 Accounts payable 600 $ 750 Bonds payable (due 1/1/2018) 1,000 1,000 Common stock, $10 par 900 1,400 Retained earnings 700 840 Total Liabilities and Shareholders' Equity $3,200 $3,990 Partial additional information: The equipment that was sold for cash had cost $400 and had a book value of $300. Land that was sold brought a cash price of $530. Fifty shares of stock were issued at par. (contin Required: Making whatever additional assumptions that are necessary, 1. Prepare a spreadsheet to support a 2019 statement of cash flows for Stewart. 2. Prepare the statement of cash flows
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