Current Attempt in Progress A comparative balance sheet for Flint Corporation is presented as follows, Assets 2020 2019 Cash $ 72,820 $ 22,000 Accounts receivable 83,440 67,620 Inventory 181,440 190,620 Land 72,440 111,620 Equipment 261,440 201,620 Accumulated Depreciation-Equipment (70,440 ) (43,620 ) Total $601,140 $549,860 Liabilities and Stockholders' Equity Accounts payable $ 35,440 $ 48,620 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 201,700 137,240 Total $601,140 $549,860 Additional information: 1' Net income for 2020 was $127,880. No gains or losses were recorded in 2020' 2. Cash dividends of $63,420 were declared and paid 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. FLINT CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ 127,880 Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation expense 26,820 Increase in Accounts Receivable (15,820) Decrease in Inventory 9,180 Decrease in Accounts Payable (13,180) 7,000 Net Cash Used bv Operating Activities 134,880 Cash Flows from Investing Activities Sale of Land 39,180 Purchase of Equipment (59,820) Net Cash Used by Investing Activities (20,640) Cash Flows from Financing Activities Payment of Cash Dividends (63,420) Net Increase in Cash 50,820 Cash at Beginning of Year 22,000 Cash at End of Year /2,820 Noncash Investing and Financing Activities Issued common stock to retire $ 50,000 of bonds outstanding e Textbook and MediaYour answer is partially correct. Determine Flint Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current cash debt coverage and cash debt coverage to 2 decimal places., e.g. 0.67.) Current cash debt coverage 3.21 :1 Cash debt coverage 0.62 :1 Free cash flow A 114,240 Comment on its liquidity and financial flexibility. Flint has excellent liquidity. Its financial flexibility is good eTextbook and Media Save for Later Attempts: 2 of 3 used Submit