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The comparative balance sheets for Marigold Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2020 2019
The comparative balance sheets for Marigold Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2020 2019 $33,400 $13,100 12,300 10,000 12,200 9,100 -0- 2,900 -0- 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 $4,500 2,000 4,600 -O- 6,100 5,000 2,900 -0- 4,900 3,000 4,000 31,000 25,000 43,000 33,000 21,300 6,000 $108,300 $91,000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,200 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $4,900. 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,700 (net of $2,000 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Investing Activities Net Cash Used by Investing Activities - Cash Flows from Financing Activities Net Cash Provided by Financing Activities Supplemental disclosures of cash flow information: " " The comparative balance sheets for Marigold Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2020 2019 $33,400 $13,100 12,300 10,000 12,200 9,100 -0- 2,900 -0- 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 $4,500 2,000 4,600 -O- 6,100 5,000 2,900 -0- 4,900 3,000 4,000 31,000 25,000 43,000 33,000 21,300 6,000 $108,300 $91,000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,200 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $4,900. 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,700 (net of $2,000 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Investing Activities Net Cash Used by Investing Activities - Cash Flows from Financing Activities Net Cash Provided by Financing Activities Supplemental disclosures of cash flow information
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