Accumulated depreciation-equipmentTotal assetsLiabilities and Stockholder's EquityAccounts payableBonds payableCommon stockRetained earningsTotal liabilities and stockholders' equityAdditional information:1.2.3.4.(20,000)$123,000$17,00036,00040,00030,000$123,000Net income for the year ending December 31, 2020 was $35,000.Cash dividends of $15,000 were declared and paid during the year.Long-term investments that had a cost of $17,000 were sold for $14,000.Sales for 2020 were $120,000.(15,000)$85,000ROCKER COMPANY$7,00045,00023,00010,000$85,000Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that dec.flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) A comparative balance sheet for Rocker Company appears below:AssetsCashAccounts receivableROCKER COMPANYComparative Balance SheetInventoryPrepaid expensesLong-term investmentsEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Stockholder's EquityAccounts payableBonds payableCommon stockRetained earningsDec. 31, 2020$34,00018,00025,0006,000060,000(20,000)$123,000$17,00036,00040,00030,000Dec. 31, 2019$11,00013,00017,0009,00017,00033,000(15,000 )$85,000$7,00045,00023,00010,000

Cash flow statement provided information about the cash inflows and cash outflows of the company.…

A comparative balance sheet for Rocker Company appears below: Assets Cash ROCKER COMPANY Comparative Balance Sheet Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Dec. 31, 2020 $34,000 18,000 25,000 6,000 0 60,000 (20,000) $123,000 $17,000 36,000 40,000 30.000 Dec. 31, 2019 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000) $85,000 $7,000 45,000 23,000 10.000

A comparative balance sheet for Rocker Company appears below: Assets Cash ROCKER COMPANY Comparative Balance Sheet Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Dec. 31, 2020 $34,000 18,000 25,000 6,000 0 60,000 (20,000) $123,000 $17,000 36,000 40,000 30.000 Dec. 31, 2019 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000) $85,000 $7,000 45,000 23,000 10.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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