A comparative balance sheet for Sunland Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,900 $ 22,000 Accounts receivable 84,190 68,290 Inventory 182,190 191,290 Land 73,190 112,290 Equipment 262,190 202,290 Accumulated Depreciation-Equipment (71,190 ) (44,290 ) Total $603,470 $551,870 Liabilities and Stockholders' Equity Accounts payable $ 36,190 $ 49,290 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,280 138,580 Total $603,470 $551,870 Additional information: 1. Net income for 2020 was $129,380. No gains or losses were recorded in 2020. 2. Cash dividends of $64,680 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2020 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
A comparative balance sheet for Sunland Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,900 $ 22,000 Accounts receivable 84,190 68,290 Inventory 182,190 191,290 Land 73,190 112,290 Equipment 262,190 202,290 Accumulated Depreciation-Equipment (71,190 ) (44,290 ) Total $603,470 $551,870 Liabilities and Stockholders' Equity Accounts payable $ 36,190 $ 49,290 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,280 138,580 Total $603,470 $551,870 Additional information: 1. Net income for 2020 was $129,380. No gains or losses were recorded in 2020. 2. Cash dividends of $64,680 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2020 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A comparative balance sheet for Sunland Corporation is presented as follows.
Additional information:
|
December 31
|
||||||
| Assets |
2020
|
2019
|
||||
| Cash | $ 72,900 | $ 22,000 | ||||
| 84,190 | 68,290 | |||||
| Inventory | 182,190 | 191,290 | ||||
| Land | 73,190 | 112,290 | ||||
| Equipment | 262,190 | 202,290 | ||||
| (71,190 | ) | (44,290 | ) | |||
| Total | $603,470 | $551,870 | ||||
| Liabilities and |
||||||
| Accounts payable | $ 36,190 | $ 49,290 | ||||
| Bonds payable | 150,000 | 200,000 | ||||
| Common stock ($1 par) | 214,000 | 164,000 | ||||
| 203,280 | 138,580 | |||||
| Total | $603,470 | $551,870 |
Additional information:
| 1. | Net income for 2020 was $129,380. No gains or losses were recorded in 2020. | |
| 2. | Cash dividends of $64,680 were declared and paid. | |
| 3. | Bonds payable amounting to $50,000 were retired through issuance of common stock. |
Prepare a statement of cash flows for 2020 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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