Here are comparative balance sheets for Velo Company. Additional information: 1. Net income for 2019 was $93,000.
Question:
Additional information:
1. Net income for 2019 was $93,000.
2. Cash dividends of $35,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2019, but land was sold at cost.
Instructions
Prepare a statement of cash flows for 2019 using the indirect method.
Transcribed Image Text:
VELO COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2019 $ 63,000 85,000 170,000 75,000 270,000 (66,000) $597,000 2018 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 39,000 150,000 216,000 192,000 $597,000 $47,000 200,000 174,000 134,000 $555,000 Total
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Related Book For
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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