2. Selected financial statement information and additional data for Sunlight Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020. December 31 2019 2020 Cash., Accounts receivable (net) Inventory Land $42,000 84,000 168,000 58,800 504.000 $856.800 $60,000 144,200 206,600 26,000 789,600 $1.226.400 Equipment. TOTAL Accumulated depreciation. Accounts payable Notes payable - short-term Notes payable - long-term. Common stock. Retained earnings. TOTAL $84,000 50,400 67,200 168,000 420,000 67.200 $856.800 $110,600 91,000 29,400 302,400 487,200 205.800 $1.226.400 Additional data for 2020: 1. Net income was $230,200 2. Depreciation was $26,600. 3 Land was sold at its original cost. 4. Dividends of $91,600 were paid S. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable

2. Selected financial statement information and additional data for Sunlight Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020. December 31 2019 2020 Cash., Accounts receivable (net) Inventory Land $42,000 84,000 168,000 58,800 504.000 $856.800 $60,000 144,200 206,600 26,000 789,600 $1.226.400 Equipment. TOTAL Accumulated depreciation. Accounts payable Notes payable - short-term Notes payable - long-term. Common stock. Retained earnings. TOTAL $84,000 50,400 67,200 168,000 420,000 67.200 $856.800 $110,600 91,000 29,400 302,400 487,200 205.800 $1.226.400 Additional data for 2020: 1. Net income was $230,200 2. Depreciation was $26,600. 3 Land was sold at its original cost. 4. Dividends of $91,600 were paid S. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 47E

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