Question: please answer asap thank you ! A comparative balance sheet for Sheridan Corporation is presented below: SHERIDAN CORPORATION Comparative Balance Sheet Assets 2020 2019 Cash





A comparative balance sheet for Sheridan Corporation is presented below: SHERIDAN CORPORATION Comparative Balance Sheet Assets 2020 2019 Cash $37,500 $31,500 Accounts receivable (net) 70,750 60,500 Prepaid insurance 25,750 17,500 Land 18,500 42,250 Equipment 70,500 60,500 Accumulated depreciation (20,750) (13,500) Total assets $202,250 $198,750 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $11,750 27,500 141,500 21,500 $202,250 $6,500 19,500 115,500 57,250 $198,750 Additional information: 1. Net loss for 2020 is $21,250. 2. Cash dividends of $14,500 were declared and paid in 2020. 3. Land was sold for cash at a loss of $4,500. This was the only land transaction during the year. 4. Equipment with a cost of $16,000 and accumulated depreciation of $10,500 was sold for $5,500 cash. 5. $22.500 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $26.000. Prepare a statement of cash flows for the year ended 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)) Adjustments to reconcile net income to SHERIDAN CORPORATION Statement of Cash Flows
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