E5.15B (LO 3) (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Garcia Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Less: Accumulated depreciation Current liabilities Capital stock Retained earnings 2020 $442,500 450,000 130,000 745,000 (265,000) 335,000 400,000 767,500 2019 $195,000 462,500 185,000 600,000 Instructions (a) Prepare a statement of cash flows for 2020 for Garcia Corporation. (b) Determine Garcia Corporation's free cash flow. (222,500) 377,500 400,000 442,500 Additional information: Investments were sold at a loss of $25,000; no equipment was sold; cash dividends paid were $75,000; and net income was $400,000.

E5.15B (LO 3) (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Garcia Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Less: Accumulated depreciation Current liabilities Capital stock Retained earnings 2020 $442,500 450,000 130,000 745,000 (265,000) 335,000 400,000 767,500 2019 $195,000 462,500 185,000 600,000 Instructions (a) Prepare a statement of cash flows for 2020 for Garcia Corporation. (b) Determine Garcia Corporation's free cash flow. (222,500) 377,500 400,000 442,500 Additional information: Investments were sold at a loss of $25,000; no equipment was sold; cash dividends paid were $75,000; and net income was $400,000.

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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