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The comparative balance sheets of Teal Inc. at the beginning and the end of the year 2020 are as follows. TEAL INC. BALANCE SHEETS Dec.
The comparative balance sheets of Teal Inc. at the beginning and the end of the year 2020 are as follows.
TEAL INC. BALANCE SHEETS | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | Jan. 1, 2020 | Inc./Dec. | |||||||||
Assets | |||||||||||
Cash | $ 47,500 | $ 15,500 | $32,000 | Inc. | |||||||
Accounts receivable | 95,400 | 89,900 | 5,500 | Inc. | |||||||
Equipment | 43,400 | 23,900 | 19,500 | Inc. | |||||||
Less: Accumulated Depreciation-Equipment | 21,400 | 11,000 | 10,400 | Inc. | |||||||
Total | $164,900 | $118,300 | |||||||||
Liabilities and Stockholders Equity | |||||||||||
Accounts payable | $ 24,400 | $ 16,900 | 7,500 | Inc. | |||||||
Common stock | 102,500 | 81,900 | 20,600 | Inc. | |||||||
Retained earnings | 38,000 | 19,500 | 18,500 | Inc. | |||||||
Total | $164,900 | $118,300 |
Net income of $48,400 was reported, and dividends of $29,900 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020.
TEAL INC. Statement of Cash Flows Adjustments to reconcile net income toStep by Step Solution
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