Below is the comparative balance sheet for Cullumber Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
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Below is the comparative balance sheet for Cullumber Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,600 $20,800 Short-term investments 24,800 19,000 Accounts receivable 42,600 44,600 Allowance for doubtful accounts (1,700 ) (2,000) Prepaid expenses 4,200 2,600 Inventory 81,200 64,400 Land 50,100 50,100 Buildings 125,300 73,200 Accumulated depreciation-buildings (29.900 ) (23,100) Equipment 52,500 46,500 Equipment 52,500 46,500 Accumulated depreciation-equipment (19,000) (15,400 ) Delivery equipment 39,100 39,100 Accumulated depreciation-delivery equipment (22,100) (20,400) Patents 14,800 -0- $378,500 $299,400 Accounts payable $26,000 $16,100 Short-term notes payable (trade) 4,000 6,000 Accrued payables 3,000 4,600 Mortgage payable 72,700 53,100 49,500 62,500 Bonds payable Commenstack 1.11.000 101.300 Common stock 141,000 101,300 Paid-in capital in excess of par 10,100 3,900 Retained earnings 72,200 51,900 $378,500 $299,400 Dividends in the amount of $15,000 were declared and paid in 2020. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short- term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) CULLUMBER CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 Balance at Debits 12/31/19 Cash $20,800 $ Short-term investments Accounts receivable Prepaid expenses Inventory 19.000 Debit 2020 Reconciling Items 5800 44,600 2,600 1600 64 400 16800 Credit 4200 2000 Inventory 64,400 16800 Land 50,100 73,200 52100 46,500 6000 Buildings Equipment Equipment (Delivery) 39,100 Patents Total debits: $360,300 Credits $16.100 14800 10 9900 Accounts payable Notes payable Accrued liabilities Credits $16,100 $ 6,000 2000 4,600 1600 Allowance for doubtful accounts 2,000 80 300 Accumulated Depreciation-Building 23,100 Accumulated Depreciation-Equipment 15,400 Accumulated Depreciation-Delivery Equipment 20,400 Mortgage payable 53,100 9900 6800 3600 1700 19600 62,500 13000 101,300 Mortgage payable 53.100 Bonds payable Common stock Paid-in capital in excess 3,900 Retained earnings 51,900 Total credits $360,300 Cash Flows from Operating Activities Cullumber Corporation Statement of Cash Flows Effects 19600 39700 6200 Cash Flows from Operating Activities Cullumber Corporation Statement of Cash Flows Effects Net Income Decrease in Accounts Receivable (Net) Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Notes Payable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Notes Payable Decrease in Accrued Payables Depreciation Cash Flows from Investing Activities Purchase of Investments Purchase of Equipment Purchase of Equipment Purchase of Building Purchase of Patents Cash Flows from Financing Activities Issuance of Mortgage Payable Redemption of Bonds Sale of Stock Payment of Cash Dividends Sale of Stock Payment of Cash Dividends Totals Net Increase in Cash Totals $ $ Below is the comparative balance sheet for Cullumber Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,600 $20,800 Short-term investments 24,800 19,000 Accounts receivable 42,600 44,600 Allowance for doubtful accounts (1,700 ) (2,000) Prepaid expenses 4,200 2,600 Inventory 81,200 64,400 Land 50,100 50,100 Buildings 125,300 73,200 Accumulated depreciation-buildings (29.900 ) (23,100) Equipment 52,500 46,500 Equipment 52,500 46,500 Accumulated depreciation-equipment (19,000) (15,400 ) Delivery equipment 39,100 39,100 Accumulated depreciation-delivery equipment (22,100) (20,400) Patents 14,800 -0- $378,500 $299,400 Accounts payable $26,000 $16,100 Short-term notes payable (trade) 4,000 6,000 Accrued payables 3,000 4,600 Mortgage payable 72,700 53,100 49,500 62,500 Bonds payable Commenstack 1.11.000 101.300 Common stock 141,000 101,300 Paid-in capital in excess of par 10,100 3,900 Retained earnings 72,200 51,900 $378,500 $299,400 Dividends in the amount of $15,000 were declared and paid in 2020. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short- term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) CULLUMBER CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 Balance at Debits 12/31/19 Cash $20,800 $ Short-term investments Accounts receivable Prepaid expenses Inventory 19.000 Debit 2020 Reconciling Items 5800 44,600 2,600 1600 64 400 16800 Credit 4200 2000 Inventory 64,400 16800 Land 50,100 73,200 52100 46,500 6000 Buildings Equipment Equipment (Delivery) 39,100 Patents Total debits: $360,300 Credits $16.100 14800 10 9900 Accounts payable Notes payable Accrued liabilities Credits $16,100 $ 6,000 2000 4,600 1600 Allowance for doubtful accounts 2,000 80 300 Accumulated Depreciation-Building 23,100 Accumulated Depreciation-Equipment 15,400 Accumulated Depreciation-Delivery Equipment 20,400 Mortgage payable 53,100 9900 6800 3600 1700 19600 62,500 13000 101,300 Mortgage payable 53.100 Bonds payable Common stock Paid-in capital in excess 3,900 Retained earnings 51,900 Total credits $360,300 Cash Flows from Operating Activities Cullumber Corporation Statement of Cash Flows Effects 19600 39700 6200 Cash Flows from Operating Activities Cullumber Corporation Statement of Cash Flows Effects Net Income Decrease in Accounts Receivable (Net) Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Notes Payable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Notes Payable Decrease in Accrued Payables Depreciation Cash Flows from Investing Activities Purchase of Investments Purchase of Equipment Purchase of Equipment Purchase of Building Purchase of Patents Cash Flows from Financing Activities Issuance of Mortgage Payable Redemption of Bonds Sale of Stock Payment of Cash Dividends Sale of Stock Payment of Cash Dividends Totals Net Increase in Cash Totals $ $
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