The comparative balance sheets for Ivanhoe Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale...

  

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The comparative balance sheets for Ivanhoe Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 1. 2. 3. 4. Additional data related to 2020 are as follows. 5. 6. 7. 8. December 31 2020 $33,700 12,200 11,900 44,700 5,100 $107,600 $3,000 2,000 5,100 3,100 31,000 43,000 20,400 $107,600 2019 $13,000 10,100 9,100 3,000 29,500 20,000 6,200 $90.900 $4,500 4,600 5,900 3.000 4,900 4,000 25,000 33,000 6,000 $90.900 Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock Cash dividends paid were $4,900. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,100 (net of $1,900 taxies). Debt investments (available-for-sale) were sold at $1.700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $16,000 was issued for the acquisition of equipment. Interest of $2,000 and income taxes of $6,400 were paid in cash Adjustments to reconcile net income to IVANHOL CORPORATION Statement of Cash Flows > < > < > < < < > S Supplemental disclosures of cash flow information: V V 14 14 14 The comparative balance sheets for Ivanhoe Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 1. 2. 3. 4. Additional data related to 2020 are as follows. 5. 6. 7. 8. December 31 2020 $33,700 12,200 11,900 44,700 5,100 $107,600 $3,000 2,000 5,100 3,100 31,000 43,000 20,400 $107,600 2019 $13,000 10,100 9,100 3,000 29,500 20,000 6,200 $90.900 $4,500 4,600 5,900 3.000 4,900 4,000 25,000 33,000 6,000 $90.900 Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock Cash dividends paid were $4,900. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,100 (net of $1,900 taxies). Debt investments (available-for-sale) were sold at $1.700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $16,000 was issued for the acquisition of equipment. Interest of $2,000 and income taxes of $6,400 were paid in cash Adjustments to reconcile net income to IVANHOL CORPORATION Statement of Cash Flows > < > < > < < < > S Supplemental disclosures of cash flow information: V V 14 14 14

Answer rating: 100% (QA)

Cash flows from operating activities Net income Workinga 14400 Adjustments to reconcile net income t... View the full answer