The comparative balance sheets of Sandhill Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings SANDHILL INC. BALANCE SHEETS Dec. 31, 2020 Total $46,480 94,200 42,200 20,200 $162,680 $ 23,200 101,480 38,000 $162,680 Jan. 1, 2020 $ 14,480 89,720 23,720 11,000 116,920 $ 16,720 81,720 18,480 $116,920 Inc./Dec. $32,000 Inc. 4,480 Inc. 18,480 Inc. 9,200 Inc. 6,480 Inc. 19,760 Inc. 19,520 Inc. Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or 165 0901

The comparative balance sheets of Sandhill Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings SANDHILL INC. BALANCE SHEETS Dec. 31, 2020 Total $46,480 94,200 42,200 20,200 $162,680 $ 23,200 101,480 38,000 $162,680 Jan. 1, 2020 $ 14,480 89,720 23,720 11,000 116,920 $ 16,720 81,720 18,480 $116,920 Inc./Dec. $32,000 Inc. 4,480 Inc. 18,480 Inc. 9,200 Inc. 6,480 Inc. 19,760 Inc. 19,520 Inc. Net income of $47,200 was reported, and dividends of $27,680 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or 165 0901

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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Addtional Infomation: Commonsharsa wars lasusd for cash. Cash Paid during the year for income tax = ?
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