Bramble Inc. had the following balance sheet at December 31, 2019. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 Cash $24,640 Accounts payable $34,640 Accounts receivable 25,840 Notes payable (long-term) 45,640 Investments 36,640 Common stock 104,640 Plant assets (net) 81,000 Retained earnings 27,840 Land 44,640 $212,760 $212,760 During 2020, the following occurred. 1. Bramble Inc. sold part of its debt investment portfolio for $18,399. This transaction resulted in a gain of $6,799 for the firm. The company classifies these investments as available-for-sale. 2. A tract of land was purchased for $17,640 cash. 3. Long-term notes payable in the amount of $19,399 were retired before maturity by paying $19,399 cash. 4. An additional $23,399 in common stock was issued at par. 5. Dividends of $11,599 were declared and paid to stockholders. 6. Net income for 2020 was $36,640 after allowing for depreciation of $14,399. 7. Land was purchased through the issuance of $39,640 in bonds. 8. At December 31, 2020, Cash was $41,640, Accounts Receivable was $46,240, and Accounts Payable remained at $34,640. Prepare a statement of cash flows for 2020.

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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Bramble Inc. had the following balance sheet at December 31, 2019.

BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019
Cash	$24,640	Accounts payable	$34,640
Accounts receivable	25,840	Notes payable (long-term)	45,640
Investments	36,640	Common stock	104,640
Plant assets (net)	81,000	Retained earnings	27,840
Land	44,640		$212,760
	$212,760

During 2020, the following occurred.

1.		Bramble Inc. sold part of its debt investment portfolio for $18,399. This transaction resulted in a gain of $6,799 for the firm. The company classifies these investments as available-for-sale.
2.		A tract of land was purchased for $17,640 cash.
3.		Long-term notes payable in the amount of $19,399 were retired before maturity by paying $19,399 cash.
4.		An additional $23,399 in common stock was issued at par.
5.		Dividends of $11,599 were declared and paid to stockholders.
6.		Net income for 2020 was $36,640 after allowing for depreciation of $14,399.
7.		Land was purchased through the issuance of $39,640 in bonds.
8.		At December 31, 2020, Cash was $41,640, Accounts Receivable was $46,240, and Accounts Payable remained at $34,640.

Prepare a statement of cash flows for 2020. (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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