The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of cash flows for the year 2020.
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of cash flows for the year 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The comparative
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RegalEagle INC.
BALANCE SHEETS |
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Dec. 31, 2020
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Jan. 1, 2020
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Inc./Dec.
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Assets
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Cash
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$ 47,720 | $ 15,720 | $32,000 | Inc. | |||||||
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95,830 | 90,110 | 5,720 | Inc. | |||||||
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Equipment
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43,830 | 24,110 | 19,720 | Inc. | |||||||
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Less:
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21,830 | 11,000 | 10,830 | Inc. | |||||||
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Total
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$165,550 | $118,940 | |||||||||
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Liabilities and
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|||||||||||
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Accounts payable
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$ 24,830 | $ 17,110 | 7,720 | Inc. | |||||||
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Common stock
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102,720 | 82,110 | 20,610 | Inc. | |||||||
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38,000 | 19,720 | 18,280 | Inc. | |||||||
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Total
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$165,550 | $118,940 |
Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.
Prepare a statement of
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