The comparative balance sheets for Ritter Corporation show the following information. December 31 2020 2019 Cash...
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The comparative balance sheets for Ritter Corporation show the following information. December 31 2020 2019 Cash $33,750 $12,000 Accounts Receivable 25,750 31,500 Inventory 20,500 33,000 Available for Sale Securities 3,000 6,000 Equipment 20,500 25,000 $103,500 $107,500 Accumulated depreciation-equipment 4,250 3,500 Accounts payable 8,500 14,500 Short term notes payable 2,000 5,000 Long term notes payable 16.000 31.000 Common Stock 44.000 29.000 Retained Earnings 28.750 24.500 103,500 107,500 Additional $103,500 $107,500 Accumulated depreciation-equipment 4,250 3,500 Accounts payable 8,500 14,500 Short term notes payable 2,000 5,000 Long term notes payable 16,000 31,000 Common Stock 44,000 29,000 Retained Earnings 28.750 24.500 103,500 107,500 Additional data related to 2020 are as follows. 1. Net income was $8,250. 2. Equipment that had cost $15,000 and was 75% depreciated at the time of disposal was sold for $2,500. 3. $15,000 of the long-term notes payable was paid by issuing common stock. 4. $4,000 of cash dividends were paid. 5. Investments (available for sale) with a cost of $5,000 were sold at $3,000 above their cost. Prepare a statement of cash flows using the indirect method. The comparative balance sheets for Ritter Corporation show the following information. December 31 2020 2019 Cash $33,750 $12,000 Accounts Receivable 25,750 31,500 Inventory 20,500 33,000 Available for Sale Securities 3,000 6,000 Equipment 20,500 25,000 $103,500 $107,500 Accumulated depreciation-equipment 4,250 3,500 Accounts payable 8,500 14,500 Short term notes payable 2,000 5,000 Long term notes payable 16.000 31.000 Common Stock 44.000 29.000 Retained Earnings 28.750 24.500 103,500 107,500 Additional $103,500 $107,500 Accumulated depreciation-equipment 4,250 3,500 Accounts payable 8,500 14,500 Short term notes payable 2,000 5,000 Long term notes payable 16,000 31,000 Common Stock 44,000 29,000 Retained Earnings 28.750 24.500 103,500 107,500 Additional data related to 2020 are as follows. 1. Net income was $8,250. 2. Equipment that had cost $15,000 and was 75% depreciated at the time of disposal was sold for $2,500. 3. $15,000 of the long-term notes payable was paid by issuing common stock. 4. $4,000 of cash dividends were paid. 5. Investments (available for sale) with a cost of $5,000 were sold at $3,000 above their cost. Prepare a statement of cash flows using the indirect method.
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Cash Flow Statement Cashflows from Operating activities Net Income for the year 82... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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