Please don't provide solutions in an image format thanks E23.17 (LO 2) (SCF-Indirect Method and Balance Sheet) Jobim Inc. had the following condensed balance sheet at the end of operations for2019.CashCurrent assets other than cashEquity investmentsPlant assets (net)LandJobim Inc.Balance SheetDecember 31, 2019$ 8,50029,00020,00067,50040,000$165,000Current liabilitiesLong-term notes payableBonds payableCommon stockRetained earnings$ 15,00025,50025,00075,00024,500$165,000During 2020, the following occurred.1. A tract of land was purchased for $9,000.2. Bonds payable in the amount of $15,000 were redeemed at par.3. An additional $10,000 in common stock was issued at par.4. Dividends totaling $9,375 were paid to stockholders.5. Net income was $35,250 after allowing depreciation of $13,500.6. Land was purchased through the issuance of $22,500 in bonds.7. Jobim Inc. sold part of its investment portfolio for $12,875. This transaction resulted in a gain of $2,000 for the company. No unrealized gains orlosses were recorded on these investments in 2020.8. Both current assets (other than cash) and current liabilities remained at the same amount.Instructionsa. Prepare a statement of cash flows for 2020 using the indirect method.b. Prepare the condensed balance sheet for Jobim Inc. as it would appear at December 31, 2020.

In this question, we will make the condensed balance sheet and cash flow, A condensed balance sheet…

Cash Current assets other than cash Equity investments Plant assets (net) Land Balance Sheet December 31, 2019 $ 8,500 29,000 20,000 67,500 40.000 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $ 15,000 25,500 25,000 75,000 24.500

Cash Current assets other than cash Equity investments Plant assets (net) Land Balance Sheet December 31, 2019 $ 8,500 29,000 20,000 67,500 40.000 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $ 15,000 25,500 25,000 75,000 24.500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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