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Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below: Daniel D. De Brum Botelho Limited follows ASPE. Daniel D. De Brum Botelho Limited Statements of Financial Position December 31 Cash. Accounts receivable (net). Inventory.. Long-term investments. Property, plant & equipment. Accumulated depreciation. 2019 $ 20,400 40,600 84,000 30,000 300,000 (75.400) (50,000) 2020 $ 61,800 96,600 70,000 473,000 Total Assets. $ 626.000 $ 425.000 Accounts payable. Accrued liabilities. $ 38,000 38,000 140,000 260,000 150,000 $ 53,000 Long-term notes payable. Common shares. Retained eamings 34,000 100,000 180,000 58.000 Total Liabilities & Shareholders' Equity. $ 626,000 $ 425.000 Additional information concerning transactions and events during 2020: 1. Net income was $ 160,000. 2. Sold the long-term investments for $ 56,000. 3. Purchased machinery by signing a long-term note payable. 4. Purchased machinery paying cash. 5. Extinguished a $ 80,000 long-term note payable by issuing common shares. Required: Prepare a statement of cash flows (Indirect Method) for calendar 2020 for Daniel D. De Brum Botelho Limited.

Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below: Daniel D. De Brum Botelho Limited follows ASPE. Daniel D. De Brum Botelho Limited Statements of Financial Position December 31 Cash. Accounts receivable (net). Inventory.. Long-term investments. Property, plant & equipment. Accumulated depreciation. 2019 $ 20,400 40,600 84,000 30,000 300,000 (75.400) (50,000) 2020 $ 61,800 96,600 70,000 473,000 Total Assets. $ 626.000 $ 425.000 Accounts payable. Accrued liabilities. $ 38,000 38,000 140,000 260,000 150,000 $ 53,000 Long-term notes payable. Common shares. Retained eamings 34,000 100,000 180,000 58.000 Total Liabilities & Shareholders' Equity. $ 626,000 $ 425.000 Additional information concerning transactions and events during 2020: 1. Net income was $ 160,000. 2. Sold the long-term investments for $ 56,000. 3. Purchased machinery by signing a long-term note payable. 4. Purchased machinery paying cash. 5. Extinguished a $ 80,000 long-term note payable by issuing common shares. Required: Prepare a statement of cash flows (Indirect Method) for calendar 2020 for Daniel D. De Brum Botelho Limited.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below Daniel D. De Brum Botelho Limited follows ASPE. Daniel D. De Brum Botelho Limited Statements of Financial Position December 31 Cash. Accounts receivable (net). Inventory.... Long-term investments. Property, plant & equipment Accumulated depreciation. 2020 S 61,800 96,600 70,000 0. 473,000 (75,400) 2019 $ 20,400 40,600 84,000 30,000 300,000 _(50,000) Total Assets. S 626.000 $ 425.000 Accounts payable. Accrued liabilities. Long-term notes payable. Common shares. Retained eamings.. S 38,000 38,000 140,000 260,000 150,000 $ 53,000 34,000 100,000 180,000 58.000 Total Liabilities & Shareholders' Equity. S 626.000 S 425,000 Additional information concerning transactions and events during 2020: 1. Net income was $ 160,000. 2. Sold the long-term investments for $ 56,000. 3. Purchased machinery by signing a long-term note payable. 4. Purchased machinery paying cash. 5. Extinguished a $ 80,000 long-term note payable by issuing common shares. Required. Prepare a statement of cash flows (Indirect Method) for calendar 2020 for Daniel D. De Brum Botelho Limited.
Transcribed Image Text:Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below Daniel D. De Brum Botelho Limited follows ASPE. Daniel D. De Brum Botelho Limited Statements of Financial Position December 31 Cash. Accounts receivable (net). Inventory.... Long-term investments. Property, plant & equipment Accumulated depreciation. 2020 S 61,800 96,600 70,000 0. 473,000 (75,400) 2019 $ 20,400 40,600 84,000 30,000 300,000 _(50,000) Total Assets. S 626.000 $ 425.000 Accounts payable. Accrued liabilities. Long-term notes payable. Common shares. Retained eamings.. S 38,000 38,000 140,000 260,000 150,000 $ 53,000 34,000 100,000 180,000 58.000 Total Liabilities & Shareholders' Equity. S 626.000 S 425,000 Additional information concerning transactions and events during 2020: 1. Net income was $ 160,000. 2. Sold the long-term investments for $ 56,000. 3. Purchased machinery by signing a long-term note payable. 4. Purchased machinery paying cash. 5. Extinguished a $ 80,000 long-term note payable by issuing common shares. Required. Prepare a statement of cash flows (Indirect Method) for calendar 2020 for Daniel D. De Brum Botelho Limited.
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