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A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...

A comparative balance sheet for Party Corporation is presented below.

Party Corporation

Comparative Balance Sheets

31-Dec

2019

2018

Cash

$18,700

$22,700

Accounts receivable

$24,700

$22,300

Investments

$25,000

$16,000

Equipment

$59,000

$70,000

Accumulated depreciation

($14,500)

($10,000)

     Total

$112,900

$121,000

Accounts payable

$13,600

$11,100

Bonds payable

$6,000

$30,000

Common stock

$50,000

$45,000

Retained earnings

$43,300

$34,900

    Total

$112,900

$121,000

Additional information:

1.        Net income for 2019 was $17,700; Dividends declared and paid were $9,300.

2.        Equipment which cost $11,000 and had accumulated depreciation of $2,000 was sold for $4,000.

Using an excel spreadsheet, prepare a statement of cash flows for 2019 using the indirect method. Show your work.

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Expert Solution

ekkarill92 answered 2 years ago
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