FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Preparing the Statement of
The comparative
2019 | 2018 | ||
Assets: | |||
Cash | $ 36,950 | $ 25,000 | |
|
75,100 | 78,000 | |
Inventory | 45,300 | 36,000 | |
Property, plant, and equipment | 256,400 | 153,000 | |
|
38,650 | 20,000 | |
Total assets | $ 375,100 | $ 272,000 | |
Liabilities and Equity: | |||
Accounts payable | $ 13,100 | $ 11,000 | |
Interest payable | 11,500 | 8,000 | |
Wages payable | 8,100 | 9,000 | |
Notes payable | 103,200 | 90,000 | |
Common stock | 88,600 | 50,000 | |
|
150,600 | 104,000 | |
Total liabilities and equity | $375,100 | $ 272,000 |
Additional Information:
- Net income for 2019 was $58,400.
- Cash dividends of $11,800 were declared and paid during 2019.
- During 2019, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable.
- Common stock was issued for $38,600 cash.
- Depreciation expense was $16,850, and there were no disposals of equipment.
Required:
1. Prepare a statement of cash flows (indirect method) for Beckwith Products for 2019. Use a minus sign to indicate any decreases in cash or
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