Reference no: EM132802110
Question - Balance Sheet and Income Statement information is provided below for the Western Boot Company.
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Balance Sheet Information
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12/31/19
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12/31/18
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Cash
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$45,785
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$39,060
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Accounts Receivable
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21,835
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28,950
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Inventory
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71,320
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83,070
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Equipment
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105,000
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80,000
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Accumulated Depreciation
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(65,700)
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(62,000)
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Patents
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15,000
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3,000
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Total Assets
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$193,240
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$172,080
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Accounts Payable
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$36,900
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$78,575
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Notes Payable
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35,000
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20,000
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Common Stock
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90,000
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45,000
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Retained Earnings
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31,340
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28,505
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Total Liabilities and Stockholders' Equity
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$193,240
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$172,080
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Income Statement Information for the Year Ended December 31, 2019
Revenue $408,365
Expenses (362,830)
Depreciation (3,700)
Net Income $41,835
Additional information for the year 2019:
1. Additional equipment was purchased for $25,000.
2. A patent was purchased from a competitor for $12,000.
3. $45,000 of additional common stock was issued.
4. Dividends were declared and paid in the amount of $39,000.
5. An additional long-term loan of $15,000 was taken out.
Required - Do statement of cash flows for the year ending December 31, 2019.