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Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Assets Cash Accounts receivable Inventories. Land Equipment Accumulated depreciation Total MIGITSU COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 2020 $72,000 87,000 171,000 71,000 260,000 (67,000) $594,000 $41,000 148,000 217,000 188,000 $594,000 2019 $20,000 78,000 190,000 99,000 201,000 (29,000) $559,000 $43,000 209,000 173,000 134,000 $559,000 1. Net income for 2020 was $88,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds payable amounting to $61,000 were redeemed for cash $61,000. 4. Common stock was issued for $44,000 cash. 5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $38,000 during 2020; land was sold at cost.

Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Assets Cash Accounts receivable Inventories. Land Equipment Accumulated depreciation Total MIGITSU COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 2020 $72,000 87,000 171,000 71,000 260,000 (67,000) $594,000 $41,000 148,000 217,000 188,000 $594,000 2019 $20,000 78,000 190,000 99,000 201,000 (29,000) $559,000 $43,000 209,000 173,000 134,000 $559,000 1. Net income for 2020 was $88,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds payable amounting to $61,000 were redeemed for cash $61,000. 4. Common stock was issued for $44,000 cash. 5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $38,000 during 2020; land was sold at cost.

FINANCIAL ACCOUNTING
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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Adjustments to reconcile net income to Save for Later MIGITSU COMPANY Statement of Cash Flows $ $ Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:Adjustments to reconcile net income to Save for Later MIGITSU COMPANY Statement of Cash Flows $ $ Attempts: 0 of 2 used Submit Answer
Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation Total MIGITSU COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 2020 $72,000 87,000 171,000 71,000 260,000 (67,000 ) $594,000 $41,000 148,000 217,000 188,000 $594,000 2019 $20,000 78,000 190,000 99,000 201,000 (29,000 ) $559,000 $43,000 209,000 173,000 134,000 $559,000 1. Net income for 2020 was $88,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds payable amounting to $61,000 were redeemed for cash $61,000. 4. Common stock was issued for $44,000 cash. 5. Equipment cost $50,000 and had a book value of $30,000 was sold for $38,000 during 2020; land was sold at cost.
Transcribed Image Text:Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation Total MIGITSU COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 2020 $72,000 87,000 171,000 71,000 260,000 (67,000 ) $594,000 $41,000 148,000 217,000 188,000 $594,000 2019 $20,000 78,000 190,000 99,000 201,000 (29,000 ) $559,000 $43,000 209,000 173,000 134,000 $559,000 1. Net income for 2020 was $88,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds payable amounting to $61,000 were redeemed for cash $61,000. 4. Common stock was issued for $44,000 cash. 5. Equipment cost $50,000 and had a book value of $30,000 was sold for $38,000 during 2020; land was sold at cost.
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