Prepare just the Operating Section of the Statement of Cash Flows using the indirect method....
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Prepare just the Operating Section of the Statement of Cash Flows using the indirect method. Russell Company Comparative Balance Sheet Dec. 31, 2020 Dec. 31, 2019 Increase/Decrease Assets Cash Accounts Receivable Land Equipment Accumulated Depreciation - Equipment Total Assets 38,000 50,000 0 60,000 18,000 130,000 13,000 38,000 18,000 30,000 14,000 85,000 25,000 Increase 12,000 Increase (18,000) Decrease 30,000 Increase 4,000 Increase Liabilities & Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Stockholders' equity 25,000 37,000 40,000 28,000 130,000 7,000 45,000 23,000 10,000 85,000 18,000 Increase (8,000) Decrease 17,000 Increase 18,000 Increase Additional Information: 1. Net income for the year ending December 31, 2020 was $30,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Land on balance sheet that had a book value of $18,000 was sold for $13,000. Thus, Land was sold at a $5,000 loss. 4. No equipment was sold during the year
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