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IV142 x J A B C D E F G H 1 2 Grade (10 points) 3 HALPERN CORPORATION 4 Comparative Balance Sheet 5 2020 2019 6 Assets 7 Cash $ 36,000 $ 31,000 8 Accounts receivable (net) 70,000 60,000 9 Prepaid insurance 18,000 17,000 10 Land 40,000 11 Equipment 70,000 60,000 12 Accumulated depreciation -20,000 -13,000 13 Total Assets $199,000 $195,000 14 15 Liabilities and Stockholders' Equity 16 Accounts payable $ 11,000 $ 6,000 17 Bonds payable 27,000 19,000 18 Common stock 140,000 115,000 19 Retained earnings 21,000 55,000 20 Total liabilities and stockholders' equity $199,000 $195,000 21 22 Additional information: 23 1 Net loss for 2014 is $20,000. 24 2 Cash dividends of $14,000 were declared and paid in 2020. 25 3 Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 26 4 Equipment with a cost of $7000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 27 5 $22,000 of bonds were retired during the year at carrying (book) value. 28 6 Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. Q1 Q2 Q3 + D Value ? A B 33 Solution 34 HALPERN CORPORATION 35 Statement of Cash Flows 36 For the Year Ended December 31, 2020 37 Cash flows from operating activities 38 Net loss 39 Adjustments to reconcile net income to net cash provided by 40 operating activities 41 Depreciation (a) Value 42 Loss on sale of land (b) Value 43 Value 44 Value 45 Value 46 Net cash used by operating activities 47 Cash flows from investing activities 48 Proceeds from the sale of land (b) Value 49 Value 50 Net cash provided by investing activities 51 Cash flows from financing activities Value 53 Value 54 Value 55 Net cash used by financing activities 56 Increase in cash 57 Cash at beginning of period 58 Cash at end of period 59 ? ? 52 ? 2 Value ? Q1 Q2 Q3