Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. (a) Partially correct answer icon Your answer is partially correct. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. (a) Partially correct answer icon Your answer is partially correct. Prepare a statement of cash flows for 2020 using the indirect method. (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
Bramble Inc., had the following condensed balance sheet at the end of operations for 2019.
During 2020, the following occurred.
BRAMBLE INC.
BALANCE SHEET DECEMBER 31, 2019 |
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Cash |
$8,500
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Current liabilities |
$15,000
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Current assets other than cash |
29,100
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Long-term notes payable |
25,700
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Equity invesments |
19,900
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Bonds payable |
25,000
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Plant assets (net) |
66,800
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Common stock |
75,000
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Land |
39,700
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23,300
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$164,000
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$164,000
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During 2020, the following occurred.
1. | A tract of land was purchased for $9,100. | |
2. | Bonds payable in the amount of $15,000 were redeemed at par. | |
3. | An additional $9,900 in common stock was issued at par. | |
4. | Dividends totaling $9,300 were paid to stockholders. | |
5. | Net income was $30,500 after allowing |
|
6. | Land was purchased through the issuance of $22,400 in bonds. | |
7. | Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. | |
8. | Both current assets (other than cash) and current liabilities remained at the same amount. |
(a)
Partially correct answer icon
Your answer is partially correct.
Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
BRAMBLE INC.
Statement of Cash Flows |
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$
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Adjustments to reconcile net income to | ||
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$
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$
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$
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