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The comparative balance sheets for Beneteau Company appear below: 2019 $31,000 60,000 17,000 40.000 BENETEAU CORPORATION Comparative Balance Sheet 2020 Assets Cash $37,000 Accounts receivable
The comparative balance sheets for Beneteau Company appear below: 2019 $31,000 60,000 17,000 40.000 BENETEAU CORPORATION Comparative Balance Sheet 2020 Assets Cash $37,000 Accounts receivable (net) 80,000 Prepaid insurance 22,000 Land 18,000 Equipment 67,000 Accumulated depreciation (17,000) Total assets $207,000 Liabilities and Stockholder's Equity Accounts payable $12,000 Bonds payable 27,000 Common stock 140,000 Retained earnings 28,000 Total liabilities and stockholder's equity $207,000 60,000 (13,000) $195,000 $6,000 19,000 115,000 55,000 $195.000 Additional information: 1. Net loss for 2020 is $12,000. Net sales for 2020 are $250,000. 2. Land was sold for cash at a loss of $2,000. This was the only land transaction during the year. 3. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. The company issued and retired bonds in the current year. Retirement of bonds was $12,000. Equipment was purchased for $22,000. Stock was issued for $25,000 5. 6. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000). If answer is zero please enter 0, do not leave any fields blank.)
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