Question: (7 Grades) The following comparative balance sheets 2019 & 2020 and additonal information for National Company we given Assets Dec. 31. 2020 Dec. 31, 2019

(7 Grades) The following comparative balance sheets 2019 & 2020 and additonal information for "National Company we given Assets Dec. 31. 2020 Dec. 31, 2019 Cash $312,000 $52,000 Accounts Receivable 104,000 96,000 Inventory and supplies 60,000 116,000 Investments 0 72,000 Machines 228,000 208,000 Accumulated depreciation- (56,000) (40,000) Machines Total Assets $648,000 $504,000 Liabilities & Stockholders' Equity Note payable 148,000 108,000 Bonds payable (long-term) 148,000 188,000 Common Stock 160,000 88,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders' $648,000 $504,000 Common Stock Retained Earnings Total Liabilities & Stockholders Equity 148,000 188,000 160,000 88,000 192,000 120,000 $648,000 $504,000 Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000 2. Sold investments for cash, cost $72,000 and resulting in $12,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines, repay bonds payable, and issuance common stock Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 PLEASE PROVIDE EACH AMOUN

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!