A comparative statement of financial position for Martinez Industries Inc. follows: MARTINEZ INDUSTRIES INC. Statement of...

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A comparative statement of financial position for Martinez Industries Inc. follows: MARTINEZ INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22,500 $35,500 Accounts receivable 115,000 54,100 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300 ) (44,000 ) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300 ) (44,000) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Bonds payable 155,300 203,300 Common shares 229,000 181,000 Retained earnings 210,100 123,800 Total $648,200 $568,600 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $138,000. 1. Net income for the fiscal year ending December 31, 2020, was $138.000. 2. Cash dividends of $51,700 were declared and paid. Dividends paid are treated as financing activities 3. Bonds payable amounting to $48,000 were retired through issuance of common shares 4. Land was sold at a gain of $6.000 5. No equipment was sold during the year, (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number eg. 45 or parentheses e.s. (45).) MARTINEZ INDUSTRIES INC. Statement of Cash Flows During the year, Martinez retired $ in bonds payable by issuing common shares. A comparative statement of financial position for Martinez Industries Inc. follows: MARTINEZ INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22,500 $35,500 Accounts receivable 115,000 54,100 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300 ) (44,000 ) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300 ) (44,000) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Bonds payable 155,300 203,300 Common shares 229,000 181,000 Retained earnings 210,100 123,800 Total $648,200 $568,600 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $138,000. 1. Net income for the fiscal year ending December 31, 2020, was $138.000. 2. Cash dividends of $51,700 were declared and paid. Dividends paid are treated as financing activities 3. Bonds payable amounting to $48,000 were retired through issuance of common shares 4. Land was sold at a gain of $6.000 5. No equipment was sold during the year, (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number eg. 45 or parentheses e.s. (45).) MARTINEZ INDUSTRIES INC. Statement of Cash Flows During the year, Martinez retired $ in bonds payable by issuing common shares.

Answer rating: 100% (QA)

Requirementa MARTINEZ INDUSTRIES INC Statement of Cash Flows For the Year Ended December 31 202... View the full answer