The comparative balance sheets of Sandhill Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings SANDHILL INC. BALANCE SHEETS Dec. 31, 2020 Total $46,480 94,200 42,200 20,200 $162,680 $ 23,200 101,480 38,000 $162,680 Jan. 1, 2020 $ 14,480 89,720 23,720 11,000 116,920 $ 16,720 81,720 18,480 $116,920 Inc./Dec. $32,000 Inc. 4,480 Inc. 18,480 Inc. 9,200 Inc. 6,480 Inc. 19,760 Inc. 19,520 Inc. Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or 165 0901
The comparative balance sheets of Sandhill Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings SANDHILL INC. BALANCE SHEETS Dec. 31, 2020 Total $46,480 94,200 42,200 20,200 $162,680 $ 23,200 101,480 38,000 $162,680 Jan. 1, 2020 $ 14,480 89,720 23,720 11,000 116,920 $ 16,720 81,720 18,480 $116,920 Inc./Dec. $32,000 Inc. 4,480 Inc. 18,480 Inc. 9,200 Inc. 6,480 Inc. 19,760 Inc. 19,520 Inc. Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or 165 0901
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The comparative balance sheets of Sandhill Inc. at the beginning and the end of the year 2020 are as follows.
Assets
Cash
Accounts receivable
Equipment
Less: Accumulated Depreciation-Equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Common stock
Retained earnings
SANDHILL INC.
BALANCE SHEETS
Total
Dec. 31, 2020
$46,480
94,200
42,200
20,200
$162,680
$ 23,200
101,480
38,000
$162,680
Jan. 1, 2020
$14,480
89,720
23,720
11,000
$116,920
$16,720
81,720
18,480
$116,920
Inc./Dec.
$32,000 Inc.
4,480 Inc.
18,480 Inc.
9,200 Inc.
6,480
+
Inc.
19,760 Inc.
19,520 Inc.
Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold.
Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or
145.00e1l
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