Exercise 5-16 (Part Level Submission)

A comparative balance sheet for Sheffield Corporation is presented as follows.

		December 31
Assets		2020			2019
Cash		$ 72,780			$ 22,000
Accounts receivable		83,570			67,790
Inventory		181,570			190,790
Land		72,570			111,790
Equipment		261,570			201,790
Accumulated Depreciation-Equipment		(70,570	)		(43,790	)
Total		$601,490			$550,370
Liabilities and Stockholders' Equity
Accounts payable		$ 35,570			$ 48,790
Bonds payable		150,000			200,000
Common stock ($1 par)		214,000			164,000
Retained earnings		201,920			137,580
Total		$601,490			$550,370

Additional information:

1.		Net income for 2020 was $128,140. No gains or losses were recorded in 2020.
2.		Cash dividends of $63,800 were declared and paid.
3.		Bonds payable amounting to $50,000 were retired through issuance of common stock.

A. Prepare a statement of cash flows for 2020 for Sheffield Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

B. Determine Sheffield Corporations 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			:1
Cash debt coverage			:1
Free cash flow		$