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