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The Fancy Company's comparative balance sheets for 2019 and 2020, and additional information, are presented below.   Fancy Company Comparative Balance Sheets 1   December 31, 2020 December 31, 2019 2 Assets     3 Cash $14,000.00 $9,000.00 4 Accounts receivable 52,000.00 24,000.00 5 Inventory 87,000.00 40,000.00 6 Equipment 125,000.00 100,000.00 7 Accumulated depreciation (42,000.00) (34,000.00) 8 Prepaid expenses 4,000.00 2,000.00 9 Land 0.00 7,000.00 10 Building 50,000.00 0.00 11 Total Assets $290,000.00 $148,000.00 12 Liabilities and Shareholders' Equity     13 Accounts payable $25,000.00 $14,000.00 14 Interest payable 8,000.00 6,000.00 15 Taxes payable 37,000.00 11,000.00 16 Short-term note payable 37,000.00 32,000.00 17 Bonds payable 75,000.00 50,000.00 18 Common stock, $10 par 75,000.00 25,000.00 19 Retained earnings 33,000.00 10,000.00 20 Total Liabilities and Shareholders’ Equity $290,000.00 $148,000.00         Additional 2020 information:   Net income, $31,000   Sold land for gain of $3,000   Paid dividends of $8,000   Issued $50,000 common stock to purchase building     Required:   Prepare Fancy Company's 2020 statement of cash flows using the indirect method.

The Fancy Company's comparative balance sheets for 2019 and 2020, and additional information, are presented below.   Fancy Company Comparative Balance Sheets 1   December 31, 2020 December 31, 2019 2 Assets     3 Cash $14,000.00 $9,000.00 4 Accounts receivable 52,000.00 24,000.00 5 Inventory 87,000.00 40,000.00 6 Equipment 125,000.00 100,000.00 7 Accumulated depreciation (42,000.00) (34,000.00) 8 Prepaid expenses 4,000.00 2,000.00 9 Land 0.00 7,000.00 10 Building 50,000.00 0.00 11 Total Assets $290,000.00 $148,000.00 12 Liabilities and Shareholders' Equity     13 Accounts payable $25,000.00 $14,000.00 14 Interest payable 8,000.00 6,000.00 15 Taxes payable 37,000.00 11,000.00 16 Short-term note payable 37,000.00 32,000.00 17 Bonds payable 75,000.00 50,000.00 18 Common stock, $10 par 75,000.00 25,000.00 19 Retained earnings 33,000.00 10,000.00 20 Total Liabilities and Shareholders’ Equity $290,000.00 $148,000.00         Additional 2020 information:   Net income, $31,000   Sold land for gain of $3,000   Paid dividends of $8,000   Issued $50,000 common stock to purchase building     Required:   Prepare Fancy Company's 2020 statement of cash flows using the indirect method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Fancy Company's comparative balance sheets for 2019 and 2020, and additional information, are presented below.
 
Fancy Company
Comparative Balance Sheets
1
 
December 31, 2020
December 31, 2019
2
Assets
 
 
3
Cash
$14,000.00
$9,000.00
4
Accounts receivable
52,000.00
24,000.00
5
Inventory
87,000.00
40,000.00
6
Equipment
125,000.00
100,000.00
7
Accumulated depreciation
(42,000.00)
(34,000.00)
8
Prepaid expenses
4,000.00
2,000.00
9
Land
0.00
7,000.00
10
Building
50,000.00
0.00
11
Total Assets
$290,000.00
$148,000.00
12
Liabilities and Shareholders' Equity
 
 
13
Accounts payable
$25,000.00
$14,000.00
14
Interest payable
8,000.00
6,000.00
15
Taxes payable
37,000.00
11,000.00
16
Short-term note payable
37,000.00
32,000.00
17
Bonds payable
75,000.00
50,000.00
18
Common stock, $10 par
75,000.00
25,000.00
19
Retained earnings
33,000.00
10,000.00
20
Total Liabilities and Shareholders’ Equity
$290,000.00
$148,000.00
 
 
 
  Additional 2020 information:
  Net income, $31,000
  Sold land for gain of $3,000
  Paid dividends of $8,000
  Issued $50,000 common stock to purchase building
 
  Required:
  Prepare Fancy Company's 2020 statement of cash flows using the indirect method.
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