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Tree Top Company's comparative balance sheet and additional data are shown below. : (Click the icon to view the comparative balance sheet.) (Click the icon
Tree Top Company's comparative balance sheet and additional data are shown below. : (Click the icon to view the comparative balance sheet.) (Click the icon to view the additional data.) Requirement Prepare the statement of cash flows for the year ended December 31, 2019, using the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) More info Cash Flows From Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: 1. The income statement for 2019 included the following items: a. Net income, $426,000 b. Depreciation expense for the year, $35,210. c. Amortization on the bonds payable, $320. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $300,000, receiving cash of $297,760. 4. The company distributed 7,000 shares of common stock in a stock dividend when the market value was $13.00 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations. Print Done Net Cash Provided by (Used for) Operating Activities - Data table Tree Top Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 $ 23,050 781,590 $ 29,000 3,000 0 7,400 400 0 30 100 Assets Current Assets: Cash Short-term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent Property, Plant, and Equipment: Land Building Canoes Office Furniture and Equipment Accumulated DepreciationPP&E 0 1,400 75,000 615,000 1,189,000 8,640 80,000 (36,260) 169,000 8,640 0 (1,050) Print Done Data table $ 2,670,400 $ 283,540 $ 4,340 $ 1,460 880 280 460 260 1,050 3,650 12,000 0 70 Total Assets Liabilities Current Liabilities: Accounts Payable Utilities Payable Telephone Payable Wages Payable Notes Payable Interest Payable Unearned Revenue Long-Term Liabilities: Notes Payable Mortgage Payable Bonds Payable Discount on Bonds Payable Total Liabilities Stockholders' Equity Paid-In Capital: 470 350 250 5,280 0 5,280 840,000 300,000 (1,920) 0 0 0 1,165,510 8,650 Print Done X Data table 12,000 0 470 70 350 250 5,280 0 5,280 840,000 300,000 (1,920) 0 0 1,165,510 8,650 Notes Payable Interest Payable Unearned Revenue Long-Term Liabilities: Notes Payable Mortgage Payable Bonds Payable Discount on Bonds Payable Total Liabilities Stockholders' Equity Paid-In Capital: Preferred Stock Paid-In Capital in Excess of Par-Preferred Common Stock Paid-In Capital in Excess of Par Common Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 0 120,000 420,000 309,000 360,000 295,890 269,000 0 5,890 274,890 1,504,890 $ 2,670,400 $ 283,540 Print Done
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