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Sweet Inc., had the following condensed balance sheet at the end of operations for 2019. SWEET INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,400 Current

Sweet Inc., had the following condensed balance sheet at the end of operations for 2019.

SWEET INC. BALANCE SHEET DECEMBER 31, 2019

Cash

$8,400

Current liabilities

$15,200

Current assets other than cash

28,800

Long-term notes payable

25,500

Equity invesments

20,000

Bonds payable

25,000

Plant assets (net)

67,100

Common stock

75,000

Land

40,300

Retained earnings

23,900

$164,600

$164,600

During 2020, the following occurred.
1. A tract of land was purchased for $8,900.
2. Bonds payable in the amount of $15,000 were redeemed at par.
3. An additional $9,900 in common stock was issued at par.
4. Dividends totaling $9,400 were paid to stockholders.
5. Net income was $30,600 after allowing depreciation of $13,300.
6. Land was purchased through the issuance of $22,800 in bonds.
7. Sweet Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020.
8. Both current assets (other than cash) and current liabilities remained at the same amount.

Prepare a statement of cash flows for 2020 using the indirect method.

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SWEET INC. Statement of Cash Flows For the Year Ended December 31, 2020 $ Adjustments to reconcile net income to Prepare the condensed balance sheet for Sweet Inc. as it would appear at December 31, 2020. SWEET INC. Balance Sheet Assets A Liabilities and Equities $ $ . Ut

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