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Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income Add (deduct) items not affecting cash: Depreciation expense $ 13,500 67,500 34,500 (10,500) 18,000 (9,000) $ 114,000 Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities : Proceeds from short-term debt $ (75,000) (72,000) $(147,000) Cash used for retirement of long-term debt 500,ר (37,500) Proceeds from issuance of common stock 15,000 (4,500) $ (19,500) $ (52,500) Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020 and 2019 balance sheets. HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash $ 132,000 Accounts receivable 109,500 Inventory 84,000 Total current assets 60,000 Land Buildings and equipment 390,000 Less: Accumulated depreciation (184,500) Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable $ 43,500 Short-term debt 48,000 Notes payable 54,000 Total current liabilities Long-term debt $ 127,500 Stockholders' Equity: Common stock $ 60,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income Add (deduct) items not affecting cash: Depreciation expense $ 13,500 67,500 34,500 (10,500) 18,000 (9,000) $ 114,000 Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities : Proceeds from short-term debt $ (75,000) (72,000) $(147,000) Cash used for retirement of long-term debt 500,ר (37,500) Proceeds from issuance of common stock 15,000 (4,500) $ (19,500) $ (52,500) Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020 and 2019 balance sheets. HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash $ 132,000 Accounts receivable 109,500 Inventory 84,000 Total current assets 60,000 Land Buildings and equipment 390,000 Less: Accumulated depreciation (184,500) Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable $ 43,500 Short-term debt 48,000 Notes payable 54,000 Total current liabilities Long-term debt $ 127,500 Stockholders' Equity: Common stock $ 60,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.2AP
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Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income $ 13,500 Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable 67,500 34,500 (10,500) 18,000 (9,000) $ 114,000 Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities: $ (75,000) (72,000) $(147,000) 7,500 (37,500) 15,000 ( 4,500) $ (19,500) $ (52,500) Proceeds from short-term debt $ Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020 and 2019 balance sheets. HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash $ 132,000 Accounts receivable 109,500 Inventory 84,000 Total current assets Land 60,000 Buildings and equipment 390,000 Less: Accumulated depreciation (184,500) Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable $ 43,500 Short-term debt 48,000 Notes payable 54,000 Total current liabilities Long-term debt $ 127,500 Stockholders' Equity: Common stock $ 60,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity ( Required A RequiredB
Transcribed Image Text:Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income $ 13,500 Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable 67,500 34,500 (10,500) 18,000 (9,000) $ 114,000 Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities: $ (75,000) (72,000) $(147,000) 7,500 (37,500) 15,000 ( 4,500) $ (19,500) $ (52,500) Proceeds from short-term debt $ Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020 and 2019 balance sheets. HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash $ 132,000 Accounts receivable 109,500 Inventory 84,000 Total current assets Land 60,000 Buildings and equipment 390,000 Less: Accumulated depreciation (184,500) Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable $ 43,500 Short-term debt 48,000 Notes payable 54,000 Total current liabilities Long-term debt $ 127,500 Stockholders' Equity: Common stock $ 60,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity ( Required A RequiredB
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