Business, 24.05.2020 03:00, nuncasemeoovideo999
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:
Dec. 31, 20Y9 Dec. 31, 20Y8
Assets
Cash $70,720 $47,940
Accounts receivable (net) 207,230 188,190
Inventories 298,520 289,850
Investments 0 102,000
Land 295,800 0
Equipment 438,600 358,020
Accumulated depreciation—equipment (99,110) (84,320)
Total assets $1,211,760 $901,680
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $205,700 $194,140
Accrued expenses payable (operating expenses) 30,600 26,860
Dividends payable 25,500 20,400
Common stock, $1 par 202,000 102,000
Paid-in capital: Excess of issue price over par—
common stock 354,000 204,000
Retained earnings 393,960 354,280
Total liabilities and stockholders' equity $1,211,760 $901,680
Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:
1) Equipment and land were acquired for cash.
2) There were no disposals of equipment during the year.
3) The investments were sold for $91,800 cash.
4) The common stock was issued for cash.
5) There was a $141,680 credit to Retained Earnings for net income.
6) There was a $102,000 debit to Retained Earnings for cash dividends declared.
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Answers: 3
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The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows...
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