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The Sharjah Corporation reported the following balance sheet data for 2020 and 2019: Cash Available-for-sale securities 2020 2019 $ 77,375 S 22,955 (not cash
The Sharjah Corporation reported the following balance sheet data for 2020 and 2019: Cash Available-for-sale securities 2020 2019 $ 77,375 S 22,955 (not cash equivalents) 15,500 85,000 Accounts receivable Inventory 80,000 68,250 165,000 145,000 Prepaid insurance 1,500 2,000 Land, buildings, and equipment 1,250,000 1,125,000 Accumulated depreciation (610,000) (572,000) Total assets $979,375 $ 876,205 Accounts payable $ 76,340 148,670 Salaries payable 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 358,035 328,035 Total liabilities and shareholders' equity S $ 876,205 979,375 Additional information for 2020: 1. Sold available-for-sale securities costing $69,500 for $74,000. Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. Issued 6% bonds payable at face value, $200,000. 2. 3. 4. 5. Paid cash dividends of $20,000. 6. Net income was $50,000. Purchased new equipment for $145,000 cash. 4. The net cash provided (used) by operating, investing, and financing activities during 2020
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