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The balance sheets for Ehrlich Company showed the following information. Additional information concerning transactions and events during 2021 are presented below Ehrlich Company Balance Sheet
The balance sheets for Ehrlich Company showed the following information. Additional information concerning transactions and events during 2021 are presented below Ehrlich Company Balance Sheet December 31 2021 2020 Cash $ 30,900 $ 10,200 Accounts receivable (net) 43,300 20,300 Inventory 31,000 40,000 Supplies Long-term investments Property, plant & equipment Accumulated depreciation 4,000 2,000 0 15,000 236,500 150,000 (37.700) (25.000) $308,000 $212.500 Accounts payable Accrued liabilities Long-term notes payable Common stock Retained earnings $ 17,000 $ 26,500 21,000 17,000 110,000 50,000 95,000 90,000 65.000 29.000 $308,000 $212.500 Additional data: 1. Net income for the year 2021, $61,000. 2. Depreciation on plant assets for the year, $12,700. 3. Sold the long-term investments for $33,000. 4. Paid dividends. 5. Purchased machinery costing $26,500, paid cash. 6. Purchased machinery and gave a $60,000 long-term note payable. Instructions Prepare a statement of cash flows (using the indirect method) for 2021 for Ehrlich Company. Show your calculations
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