- 7 Grades The Following Comparative Balance Sheets 2019 2020 Und Additional Information For National Company Are Giv 1 (127.2 KiB) Viewed 42 times
(7 Grades) The following comparative balance sheets 2019 & 2020 und additional information for "National Company are given Assets Dec. 31, 2020 Cash Dec. 31. 2019 $26,000 $156,000 Accounts Receivable 52,000 48,000 Inventory and supplies 30,000 58,000 Investments 0 36,000 Machines 114,000 104,000 Accumulated depreciation-Machines Total Assets (28,000) (20,000) $324,000 $252,000 Liabilities & Stockholders' Equity Note payable $ 74,000 $ 54,000 Bonds payable (long-term) 74,000 94,000 Common Stock 80,000 44,000 Retained Earnings 96,000 60,000 $324,000 $252,000 Total Liabilities & Stockholders' Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable; and issuance common st Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020. (PLEASE PROVIDE EACH