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Teal Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,060 Current liabilities $151,060 Land 32,090 Bonds
Teal Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,060 Current liabilities $151,060 Land 32,090 Bonds payable 101,060 Buildings 121,060 Common stock 182,090 Equipment 92,090 Retained earnings 46,090 Accum.depr.-buildings (31,060) Total $480,300 Accum.depr.-equipment (11,000) Patents 41,060 Total $480,300 The following information is available for 2020. 1. Net income was $55,150. 2. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11.060. 3. Depreciation expense was $5,060 on the building and $10,060 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,060. 6. An addition to the building was completed at a cost of $28,060. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $52,090 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)
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