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

 

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Here are comparative balance sheets for Whispering Company. Prepare a statement of cash flows-indirect method. WHISPERING COMPANY Comparative Balance Sheets December 31 K Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 88,000 76,000 Inventory 169,000 188,000 Land 72,000 99,000 Equipment 257,000 197,000 Accumulated depreciation - equipment (65,000) (32,000) Total $593,000 $550,000 SUPPORT Liabilities and Stockholders' Equity Accounts payable $37,000 $46,000 Question 18 of 20 < > Liabilities and Stockholders' Equity Accounts payable $37,000 $46.000 Bonds payable 148,000 213,000 Common stock ($1 par) 219,000 176,000 Retained earnings 189,000 115,000 Total $593,000 $550,000 Additional information: -/5 1. Net income for 2020 was $98,000. 2. Cash dividends of $24,000 were declared and paid. 3. Bonds payable amounting to $65,000 were redeemed for cash $65,000. 4. Common stock was issued for $43,000 cash. SUPPORT Equipment that cost $49,000 and had a book value of $33,000 was sold for $37,000 during 2020; land was sold at cost. 221 Exam 1 Ch 14-18 Question 18 of 20 (a) > EY MATTERS ARMY -/5 Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WHISPERING COMPANY Adjustments to reconcile net income to 2 NOV 55 Statement of Cash Flows $ $ SUPPORT Here are comparative balance sheets for Whispering Company. Prepare a statement of cash flows-indirect method. WHISPERING COMPANY Comparative Balance Sheets December 31 K Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 88,000 76,000 Inventory 169,000 188,000 Land 72,000 99,000 Equipment 257,000 197,000 Accumulated depreciation - equipment (65,000) (32,000) Total $593,000 $550,000 SUPPORT Liabilities and Stockholders' Equity Accounts payable $37,000 $46,000 Question 18 of 20 < > Liabilities and Stockholders' Equity Accounts payable $37,000 $46.000 Bonds payable 148,000 213,000 Common stock ($1 par) 219,000 176,000 Retained earnings 189,000 115,000 Total $593,000 $550,000 Additional information: -/5 1. Net income for 2020 was $98,000. 2. Cash dividends of $24,000 were declared and paid. 3. Bonds payable amounting to $65,000 were redeemed for cash $65,000. 4. Common stock was issued for $43,000 cash. SUPPORT Equipment that cost $49,000 and had a book value of $33,000 was sold for $37,000 during 2020; land was sold at cost. 221 Exam 1 Ch 14-18 Question 18 of 20 (a) > EY MATTERS ARMY -/5 Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WHISPERING COMPANY Adjustments to reconcile net income to 2 NOV 55 Statement of Cash Flows $ $ SUPPORT