Exercise 11-47 (Algorithmic) Preparing the Statement of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 1. Net income for 2019 was $58,400. 2. Cash dividends of $13,900 were declared and paid during 2019 . 3. During 2019, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $38,500 cash. 5. Depreciation expense was $19,050, and there were no disposals of equipment. 1. Prepare a statement of cash flows (indirect method) for Beckwith Products for 2019. Use a minus sign to Indicate any decreases in cash or cash outfiows. Beckwith Products Company Statement of Cash Flows 2. Compute the following cash-based performance measures: a. Free cash flow b. Cash flow adequacy (Note: Assume that the average amount of debt maturing over the next 5 years is $85,000 ). Use two decimal places for the adequacy ratio. Enter negative values as negative numbers. Free cash fiow Adequacy ratio