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32. The comparative balance sheet for 2019 and 2018 for Jackson Corporation as well as...

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Accounting

32. The comparative balance sheet for 2019 and 2018 for Jackson Corporation as well as additional

information concerning transactions and events during 2019 are presented below:

Jackson Corporation

Balance Sheet

December 31, 2019 and 2018

2019 2018

Cash $ 35,900 $ 10,200

Accounts receivable (net) 48,300 20,300

Inventory 35,000 42,000

Long-term investments 0 15,000

Property, plant & equipment 236,500 150,000

Accumulated depreciation (37,700) (25,000)

$318,000 $212,500

Accounts payable $ 19,000 $ 26,500

Accrued liabilities 19,000 17,000

Long-term notes payable 70,000 50,000

Common stock 130,000 90,000

Retained earnings 80,000 29,000

$318,000 $212,500

Additional data:

(a) Net income for the year 2019 was $90,000.

(b) Depreciation on plant assets for the year was $12,700.

(c) Sold the long-term investments for $33,000 (at a gain of $18,000).

(d) Paid dividends of $39,000.

(e) Purchased machinery costing $26,500 and paid cash.

Required:

Using the indirect method, prepare a statement of cash flows for 2019 for Jackson Corporation.

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