Question

The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 2020 2019 Assets: Cash $279,900 $150,000 Accounts receivable, net $36,000 $40,000 Merchandise inventory $54,000 $60,000 Supplies o

The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 


20202019
Assets:

      Cash$279,900$150,000
      Accounts receivable, net$36,000$40,000
      Merchandise inventory$54,000$60,000
      Supplies on hand$1,600$2,600
      Prepaid expenses$2,900$2,800
      Land$410,000$340,000
      Equipment$380,000$440,000
      Accumulated depreciation--equipment$(270,000)$(250,000)
            Total assets$894,400$785,400



Liabilities and Stockholders' Equity:

      Accounts payable$72,000$80,000
      Salaries payable$4,600$6,000
      Accrued liabilities payable$2,400$2,000
      Long-term notes payable$200,000$200,000
      Common stock ($5 par)$362,500$300,000
      Paid-in capital in excess of par$37,500-0-
      Retained earnings$215,400$197,400
            Total liabilities & stockholders' equity$894,400$785,400

Additional Information:

1.During 2020, land was bought for $70,000 cash.
2.Equipment costing $90,000 with accumulated depreciation of $40,000 was sold for $47,000 cash during 2020.
3.Equipment costing $30,000 was purchased for cash during 2020.
4.Depreciation expense for 2020 was $60,000.
5.During 2020, 12,500 shares of common stock was issued for $100,000 cash.
6.Dividends declared and paid during 2020 totaled $52,000.
7.Net income for 2020 was $70,000.

 

Required: Prepare a statement of cash flows for the year ended December 31, 2020 under the indirect method.  


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The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 2020 2019 Assets: Cash $279,900 $150,000 Accounts receivable, net $36,000 $40,000 Merchandise inventory $54,000 $60,000 Supplies o
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