Use the comparative balance sheets and addtional infomration presented below to prepare a Cash Flow...
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Accounting
Use the comparative balance sheets and addtional infomration presented below to prepare a Cash Flow Statement for the period ended 12/31/2020: 12/31/2020 12/31/2019 Assets: Current Assets: Cash Accounts receivable Inventory Prepaid expenses 51,000 27,000 37,500 9,000 16,500 19,500 25,500 13,500 Non-Current Assets: 90,000 49,500 Equipment Less: Accumlated Depreciation- Equipment (30,000) (22,500) Land 35.500 10,000 194,500 Total Assets 137,500 Liabilities: Current Liabilities: Accounts payable 25,500 10,500 Long Term Debt: Bonds payable 54,000 67.500 Equity: 60,000 Common stock Retained earnings 55,000 194,500 34,500 25,000 137,500 Total Liabilities and Equity 1 2 3 Net income for the year ending December 31, 2020 was $52,500. Cash dividends of $22,500 were declared and paid during the year. Land that had a cost of $25,500 were sold for $21,000. Sales for 2020 were $180,000. Depreciation Expense was $7,500 Equipment was purchased with cash. No equipment was sold. Common stock was issued for cash. Bonds were retired with cash. 4 5 6 7 8
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