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Windsor, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total $ 36,000 32,700 30,100 59,600 (29,400) $129,000
Windsor, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total $ 36,000 32,700 30,100 59,600 (29,400) $129,000 $ 21,000 18,900 20,100 77,600 (23,300) $114,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 28,000 $ 16,800 7,200 8,400 26,700 32,100 17,700 13,400 49,400 43,600 $129,000 $114,300 Windsor, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $242,500 Cost of goods sold 175,200 Gross profit 67,300 Operating expenses 24,900 Income from operations 42,400 Interest expense 2,700 Income before income taxes 39,700 Income tax expense 7,400 Net income $ 32,300 Additional data: 1. Dividends declared and paid were $26,500. 2. During the year, equipment was sold for $9,600 cash. This equipment cost $18,000 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Windsor, Inc. Statement of Cash Flows Adjustments to reconcile net income to
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