Reference no: EM133234342
Financial statement information from the balance sheet and a list of additional data is provided below for Walnut Creek Saddlery and Western Wear.
December 31
2019 2020
Cash $42,000 $60,000
Accounts receivable (net) 25,400 32,200
Inventory 105,700 87,920
Land 45,000 --
Equipment 103,000 85,600
Accumulated depreciation ( 41,600) ( 40,200)
TOTAL $279,500 $225,520
Accounts payable $16,560 $ 11,810
Notes payable - long-term 70,000 10,000
Common stock 90,000 150,000
Retained earnings 102,940 53,710
TOTAL $279,500 $225,520
Additional data for 2020:
1. The company reported a net loss of $45,730.
2. Land was sold for a profit of $30,700.
3. Dividends of $3,500 were declared and paid.
4. Equipment costing $17,400 with accumulated depreciation of $11,400 was sold for $5,000 cash.
5. The long-term note was paid down with funds from selling additional common stock.
Instructions:
Prepare a statement of cash flows for the year ending December 31, 2020. Be sure to prepare the statement with proper format and correct heading and date.
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