Reference no: EM131208336
Use the following information to prepare a statement of cash flows for the Ace Company for the year ended December 31, 2020.
Net income for the year was $15,000. Accounts receivable increased $6,000; while inventories decreased $4,000; and accounts payable decreased $5,000. Depreciation expense was $10,000.
During the year, a piece of land held for future expansion was sold for $12,000; it had a book value of $10,000. A new service truck was purchased for $15,000.
The company borrowed $20,000 on a two-year note from the bank. Dividends of $8,000 were paid in cash.
The beginning cash balance was $10,000 and the ending balance was $35,000.
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