Prepare a statement of cash flows using the information provided below and amounts indicated on the attached template. CD Corporation has the following for 2020: Net Income $145,000 Depreciation was $4,250 Sold Equipment with a Cost of $32,000, Accumulated Depreciation $15,000 for $22,500 Cash. Sold Common Stock of $250,000 Paid a Dividend of $6,500 Balance Sheet Balances 2020 2019 Cash 882,500 425,000 Accounts Receivable 575,500 275,500 Merchandise Inventory 445,000 900,000 Prepaid Expenses 67,500 82,500 Equipment 68,000 100,000 Accumulated Depreciation – Building (29,250) (40,000) Accounts Payable 590,100 737,350 Wages Payable 65,000 40,000 Retained Earnings 254,150 115,650 Common Stock 1,100,000 850,000
Prepare a statement of cash flows using the information provided below and amounts indicated on the attached template. CD Corporation has the following for 2020: Net Income $145,000 Depreciation was $4,250 Sold Equipment with a Cost of $32,000, Accumulated Depreciation $15,000 for $22,500 Cash. Sold Common Stock of $250,000 Paid a Dividend of $6,500 Balance Sheet Balances 2020 2019 Cash 882,500 425,000 Accounts Receivable 575,500 275,500 Merchandise Inventory 445,000 900,000 Prepaid Expenses 67,500 82,500 Equipment 68,000 100,000 Accumulated Depreciation – Building (29,250) (40,000) Accounts Payable 590,100 737,350 Wages Payable 65,000 40,000 Retained Earnings 254,150 115,650 Common Stock 1,100,000 850,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare a statement of
CD Corporation has the following for 2020:
Net Income $145,000
Sold Equipment with a Cost of $32,000,
Sold Common Stock of $250,000
Paid a Dividend of $6,500
|
|
2020 |
2019 |
|
Cash |
882,500 |
425,000 |
|
|
575,500 |
275,500 |
|
Merchandise Inventory |
445,000 |
900,000 |
|
Prepaid Expenses |
67,500 |
82,500 |
|
Equipment |
68,000 |
100,000 |
|
Accumulated Depreciation – Building |
(29,250) |
(40,000) |
|
Accounts Payable |
590,100 |
737,350 |
|
Wages Payable |
65,000 |
40,000 |
|
|
254,150 |
115,650 |
|
Common Stock |
1,100,000 |
850,000 |
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