A comparative balance sheet for Sunland Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,900 $ 22,000 Accounts receivable 84,190 68,290 Inventory 182,190 191,290 Land 73,190 112,290 Equipment 262,190 202,290 Accumulated Depreciation-Equipment (71,190)(44,290) Total $603,470 $551,870 Liabilities and Stockholders' Equity Accounts payable $ 36,190 $ 49,290 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,280 138,580 Total $603,470 $551,870 Additional information:1. Net income for 2020 was $129,380. No gains or losses were recorded in 2020.2. Cash dividends of $64,680 were declared and paid.3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2020 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Cash flow statement shows the affect on cash and cash equivalent from the changes in balance sheet…

Answered: A comparative balance sheet for Sunland…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.4C

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A comparative balance sheet for Sunland Corporation is presented as follows.

	December 31
Assets	2020		2019
Cash	$ 72,900		$ 22,000
Accounts receivable	84,190		68,290
Inventory	182,190		191,290
Land	73,190		112,290
Equipment	262,190		202,290
Accumulated Depreciation-Equipment	(71,190	)	(44,290	)
Total	$603,470		$551,870
Liabilities and Stockholders' Equity
Accounts payable	$ 36,190		$ 49,290
Bonds payable	150,000		200,000
Common stock ($1 par)	214,000		164,000
Retained earnings	203,280		138,580
Total	$603,470		$551,870

Additional information:

1.		Net income for 2020 was $129,380. No gains or losses were recorded in 2020.
2.		Cash dividends of $64,680 were declared and paid.
3.		Bonds payable amounting to $50,000 were retired through issuance of common stock.

Prepare a statement of cash flows for 2020 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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