The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019

Question:

The following 2019 information is available for Payne Company:

Comparative Balance Sheets December 31, December 31, 2019 2018 $ 400 $ 600 Cash Accounts receivable 220 200 Inventory La

Partial additional information: The net income for 2019 totaled $1,600. During 2019, the company sold, for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40.
The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.


Required:
Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.

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Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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