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The following are the comparative balance sheets and income statement for Vesper Corp for the year ended December 31, 2020: 2020 2019 Assets Cash Accounts
The following are the comparative balance sheets and income statement for Vesper Corp for the year ended December 31, 2020: 2020 2019 Assets Cash Accounts Receivable, net Inventory Land Building & Equipment Accumulated Depreciation $47,000 $30,000 38,000 45,000 80,000 75,000 60,000 35,000 45,000 90,000 (20,000) (25,000 $250,000 $250,000 Liabilities and Equity Accounts payable Commissions payable Interest payable Bonds payable Common Stock Retained Earnings $55,000 $40,000 10,000 5,000 2,000 15,000 80,000 120,000 50,000 45,000 53,000 25,000 $250,000 $250,000 Sales revenue Cost of goods sold Depreciation expense Sales commissions Bad debt expense Interest expense Miscellaneous expense Income tax expense Gain on sale of equipment Gain on retirement of bonds Net Income 2020 $150,000 (75,000) (10,000) (15,000) (5,000) (12,000) (8,000) (12,000) 15,000 10,000 $38,000 Vesper's controller completed these financial statements and submitted them to the company president, Scott Sinclair via attachments in an email. In his rush to catch his flight to Miami (South Beach), the controller forgot to include the statement of cash flows in his attachments. Because the flight to Miami (via Dallas) is long, Scott has asked you to prepare the missing statement of cash flows. Required: Prepare a statement of cash flows using the indirect method in good form. In his email to Scott, the controller noted that the company purchased equipment for $15,000. The consideration for the purchase was 1,000 common shares and $10,000
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