Following are a statement of cash flows (indirect method) for Harris Inc. for the year ended December
Question:
Following are a statement of cash flows (indirect method) for Harris Inc. for the year ended December 31, 2020, and the firm?s balance sheet at December 31, 2019:
Required:
a. Using the preceding information, prepare the balance sheet for Harris at December 31, 2020.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2020.
Transcribed Image Text:
HARRIS INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities: S 39,000 Net income Add (deduct) items not affecting cash: Depreciation expense... 87,000 Increase in accounts receivable (18,000) Decrease in merchandise inventory. 90,000 Increase in accounts payable 9,000 $ 207,000 Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of buildings (270,000) Proceeds from sale of land at its cost 21,000 $(249,000) Net cash used by investing activities Cash Flows from Financing Activities: (12,000) Payment of short-term debt Payment of notes payable (27,000) Proceeds from issuance of long-term debt 45,000 Proceeds from issuance of common stock 24,000 Payment of cash dividends on common stock (15,000) $ 15,000 Net cash provided by financing activities Net decrease in cash for the year $ (27,000) HARRIS INC. Balance Sheet At December 31, 2019 Assets $ 45,000 Cash Accounts receivable 183,000 Merchandise inventory 228,000 Total current assets $456,000 Land 102,000 Buildings .. 354,000 Less: Accumulated depreciation Total land and buildings (216,000) $240,000 Total assets $696,000 Liabilities Accounts payable. Short-term debt.. Notes payable Total current liabilities Long-term debt Stockholders' Equity Common stock, no par. Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $174,000 99,000 $321,000 S 60,000 $225,000 S696,000
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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