Here are comparative balance sheets for Kingbird Company. Prepare a statement of cash flows-indirect method. KINGBIRD...

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Here are comparative balance sheets for Kingbird Company. Prepare a statement of cash flows-indirect method. KINGBIRD COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 88,000 75,000 Inventory 171,000 188,000 Land 71,000 99,000 Equipment 260,000 197,000 Accumulated depreciation - equipment (67,000) (32,000) Total $595,000 $549,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $47,000 Bonds payable 149,000 208,000 Common stock ($1 par) 212,000 171,000 Retained earnings 197,000 123,000 Total $595,000 $549,000 Additional information: Net income for 2020 was $102,000. 2. Cash dividends of $28,000 were declared and paid. 3. Bonds payable amounting to $59,000 were redeemed for cash $59,000. 000 cash Here are comparative balance sheets for Kingbird Company. Prepare a statement of cash flows-indirect method. KINGBIRD COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 88,000 75,000 Inventory 171,000 188,000 Land 71,000 99,000 Equipment 260,000 197,000 Accumulated depreciation - equipment (67,000) (32,000) Total $595,000 $549,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $47,000 Bonds payable 149,000 208,000 Common stock ($1 par) 212,000 171,000 Retained earnings 197,000 123,000 Total $595,000 $549,000 Additional information: Net income for 2020 was $102,000. 2. Cash dividends of $28,000 were declared and paid. 3. Bonds payable amounting to $59,000 were redeemed for cash $59,000. 000 cash

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To prepare a statement of cash flows using the indirect method for Kingbird Company based on the pro... View the full answer