Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment Current liabilities Common stock Retained earnings Additional information: 2020 $362,850 369,000 106,600 610,900 (217,300 ) 274,700 328,000 629,350 2019 $ 159,900 379,250 151,700 492,000 (182,450) 309.550 328,000 362,850 Investments were sold at a loss of $20,500; no equipment was sold; cash dividends paid were $61,500; and net income was $328,000.
Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment Current liabilities Common stock Retained earnings Additional information: 2020 $362,850 369,000 106,600 610,900 (217,300 ) 274,700 328,000 629,350 2019 $ 159,900 379,250 151,700 492,000 (182,450) 309.550 328,000 362,850 Investments were sold at a loss of $20,500; no equipment was sold; cash dividends paid were $61,500; and net income was $328,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following is a condensed version of the comparative balance sheets for Culver Corporation for the last two years at December
31.
Cash
Accounts receivable
Investments
Equipment
Accumulated Depreciation-Equipment
Current liabilities
Common stock
Retained earnings
Additional information:
2020
$362,850
369,000
106,600
610,900
(217,300 )
274,700
328,000
629,350
2019
$ 159,900
379,250
151,700
492,000
Adjustments to reconcile net income to
(182,450)
309,550
328,000
362,850
Investments were sold at a loss of $20,500; no equipment was sold; cash dividends paid were $61,500; and net income was
$328,000.
Prepare a statement of cash flows for 2020 for Culver Corporation. (Show amounts that decrease cash flow with either a-sign e.g.
-15,000 or in parenthesis e.g. (15,000).)
CULVER CORPORATION
Statement of Cash Flows
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