The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. Constantine Cavamanlis Inc.Balance Sheets Assets Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Cash $ 45,000 $ 13,000 $32,000 Inc. Accounts receivable 91,000 88,000 3,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated depreciation—equipment 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000 Net income of $44,000 was reported, and dividends of $23,000 were paid in 2020. New equipment was purchased and none was sold. Instructions Prepare a statement of cash flows for the year 2020.
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. Constantine Cavamanlis Inc.Balance Sheets Assets Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Cash $ 45,000 $ 13,000 $32,000 Inc. Accounts receivable 91,000 88,000 3,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated depreciation—equipment 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000 Net income of $44,000 was reported, and dividends of $23,000 were paid in 2020. New equipment was purchased and none was sold. Instructions Prepare a statement of cash flows for the year 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The comparative
| Constantine Cavamanlis Inc. Balance Sheets |
||||||
| Assets | Dec. 31, 2020 | Jan. 1, 2020 | Inc./Dec. | |||
| Cash | $ 45,000 | $ 13,000 | $32,000 Inc. | |||
| 91,000 | 88,000 | 3,000 Inc. | ||||
| Equipment | 39,000 | 22,000 | 17,000 Inc. | |||
| Less: |
17,000 | 11,000 | 6,000 Inc. | |||
| Total | $158,000 | $112,000 | ||||
| Liabilities and |
||||||
| Accounts payable | $ 20,000 | $ 15,000 | 5,000 Inc. | |||
| Common stock | 100,000 | 80,000 | 20,000 Inc. | |||
| 38,000 | 17,000 | 21,000 Inc. | ||||
| Total | $158,000 | $112,000 |
Net income of $44,000 was reported, and dividends of $23,000 were paid in 2020. New equipment was purchased and none was sold.
Instructions
Prepare a statement of
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