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Question 8 of 9 -/1 View Policies Current Attempt in Progress A comparative statement of financial position for Flounder Industries Inc. follows: FLOUNDER INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22,700 $35,700 Accounts receivable 115,000 224,000 85,000 Inventory Land Equipment Accumulated depreciation-equipment Total 55,100 194,000 118,000 215,000 (43,800 ). $574,000 276,000 (70,700 ) $652,000 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total $53,100 163,600 228,000 207,300 $652,000 $60,100 218,600 173,000 122,300 $574,000 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $136,000. trannn Additional information: 1. 2. 3. Net income for the fiscal year ending December 31, 2020, was $136,000. Cash dividends of $51,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $55,000 were retired through issuance of common shares. Land was sold at a gain of $6,000. No equipment was sold during the year. 4. 5. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) FLOUNDER INDUSTRIES INC. Statement of Cash Flows $ Adjustments to reconcile net income to net cash provided by operating activities: $ Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) FLOUNDER INDUSTRIES INC. Statement of Cash Flows $ Adjustments to reconcile net income to net cash provided by operating activities: Question 8 of 9 -/1 =

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