Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following comparative balance sheets 2019 & 2020 and additional information for National Company are given Assets Dec. 31, 2020 Dec. 31, 2019 Cash $312,000

The following comparative balance sheets 2019 & 2020 and additional information for "National Company are given Assets Dec. 31, 2020 Dec. 31, 2019 Cash $312,000 $52,000 Accounts Receivable 104,000 96,000 Inventory and supplies) 60,000 116,000 Investments 0 72,000 Machines 228,000 208,000 Accumulated depreciation- (56,000) (40,000) Machines Total Assets $648,000 $504,000 Liabilities & Stockholders Equity Note payable 148,000 108,000 Bonds payable (long-term) 148,000 188,000 Common Stock 160,000 88,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders' $648,000 $504,000 Equity PER Information 4 Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000 2. Sold investments for cash, cost $72,000 and resulting in $12,000 gain 3. The only changes affecting retained earnings are net income and cash dividends paid 4. All the following transactions are in cash: Purchased new machines, repay bonds payable, and issuance common stock Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 (PLEASE PROVIDE EACH AMOUNT/ITEM IN A SEPARATE LINE) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Official Learning System Fundamentals Of Business Mathematics

Authors: Graham Eaton

4th Edition

1856177831, 978-1856177832

More Books

Students also viewed these Accounting questions