Question: help please Balance Sheet and Income Statement information is provided below for the Western Boot Company. Balance Sheet Information Cash Accounts Receivable Inventory Equipment Accumulated
Balance Sheet and Income Statement information is provided below for the Western Boot Company. Balance Sheet Information Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Patents Total Assets 12/31/19 $ 45,785 21,835 71,320 105,000 ( 65,700) 15.000 $193,240 12/31/18 $ 39,060 25,000 80,080 86,940 (62,000) 3.000 $172,080 Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 36,900 35,000 90,000 31.340 $193,240 $ 78,075 20,500 45,000 28.505 $172,080 Income Statement Information for the Year Ended December 31, 2019 Revenue $408,365 Expenses (362,830) Depreciation 3,700) Net Income $ 41,835 Additional information for the year 2019: 1. Additional equipment was purchased for $18,060. 2. A patent was purchased from a competitor for $12,000 3. $45,000 of additional common stock was issued. 4. Dividends were declared and paid in the amount of $39,000 5. An additional long-term loan of $14,500 was issued. Required: Prepare a statement of cash flows for the year ending December 31, 2019
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
