The Murdock Corporation reported the following balance sheet data for 2020 and 2019. Cash Available-for-sale securities...
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The Murdock Corporation reported the following balance sheet data for 2020 and 2019. Cash Available-for-sale securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance |Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable 2020 2019 $ 77,375 $ (22,955) 15,500 85,000 80,000 68,250 165,000 145,000 1,500 2,000 1,250,000 1,125,000 (610,000) (572,000) $ 979,375 $ 830,295 $ 76,340 $ 102,760 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 358,035 328,035 Total liabilities and shareholders' equity $ 979,375 $ 830,295 Additional information for 2020: (1.) Sold available-for-sale securities costing $69,500 for $74,000. (2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. (3.) Issued 6% bonds payable at par, $200,000. (4.) Purchased new equipment for cash $145,000. (5.) Depreciation expense is $53,000 (6.) Paid off $50,000 of notes payable. (7.) Paid cash dividends of $20,000. (8.) Net income was $50,000. Required: Prepare a statement of cash flows for 2020 in good form using the indirect method. Please prepare in EXCEL and email to me. You will be graded for the Cash Flow Statement and the EXCEL. The Murdock Corporation reported the following balance sheet data for 2020 and 2019. Cash Available-for-sale securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance |Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable 2020 2019 $ 77,375 $ (22,955) 15,500 85,000 80,000 68,250 165,000 145,000 1,500 2,000 1,250,000 1,125,000 (610,000) (572,000) $ 979,375 $ 830,295 $ 76,340 $ 102,760 20,000 24,500 Notes payable (current) 25,000 75,000 Bonds payable 200,000 0 Common stock 300,000 300,000 Retained earnings 358,035 328,035 Total liabilities and shareholders' equity $ 979,375 $ 830,295 Additional information for 2020: (1.) Sold available-for-sale securities costing $69,500 for $74,000. (2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. (3.) Issued 6% bonds payable at par, $200,000. (4.) Purchased new equipment for cash $145,000. (5.) Depreciation expense is $53,000 (6.) Paid off $50,000 of notes payable. (7.) Paid cash dividends of $20,000. (8.) Net income was $50,000. Required: Prepare a statement of cash flows for 2020 in good form using the indirect method. Please prepare in EXCEL and email to me. You will be graded for the Cash Flow Statement and the EXCEL.
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