Business, 24.03.2021 17:10, colestout2993

Sheridan Inc. had the following balance sheet at December 31, 2019. SHERIDAN INC. BALANCE SHEET DECEMBER 31, 2019 Cash $24,910 Accounts payable $34,910
Accounts receivable 26,110 Notes payable (long-term) 45,910
Investments 36,910 Common stock 104,910
Plant assets (net) 81,000 Retained earnings 28,110
Land 44,910 $213,840
$213,840

During 2020, the following occurred.

1. Sheridan Inc. sold part of its debt investment portfolio for $18,358. This transaction resulted in a gain of $6,758 for the firm. The company classifies these investments as available-for-sale.
2. A tract of land was purchased for $17,910 cash.
3. Long-term notes payable in the amount of $19,358 were retired before maturity by paying $19,358 cash.
4. An additional $23,358 in common stock was issued at par.
5. Dividends of $11,558 were declared and paid to stockholders.
6. Net income for 2020 was $36,910 after allowing for depreciation of $14,358.
7. Land was purchased through the issuance of $39,910 in bonds.
8. At December 31, 2020, Cash was $41,910, Accounts Receivable was $46,510, and Accounts Payable remained at $34,910.

Required:
a. Prepare a statement of cash flows for 2019.
b. Prepare an unclassified balance sheet as it would appear at December 31, 2019.

Answers: 2

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Sheridan Inc. had the following balance sheet at December 31, 2019. SHERIDAN INC. BALANCE SHEET DECE...