Presented below are data taken from the records of Blue Company. December 31, 2020 December 31,...

Presented below are data taken from the records of Blue Company.

	December 31, 2020	December 31, 2019
Cash	$15,100	$7,900
Current assets other than cash	85,600	59,800
Long-term investments	9,900	53,500
Plant assets	333,500	213,200
	$444,100	$334,400

Accumulated depreciation	$19,800	$40,000
Current liabilities	39,800	22,000
Bonds payable	75,100	–0–
Common stock	252,600	252,600
Retained earnings	56,800	19,800
	$444,100	$334,400

Additional information:

1.		Held-to-maturity debt securities carried at a cost of $43,600 on December 31, 2019, were sold in 2020 for $33,700. The loss (not unusual) was incorrectly charged directly to Retained Earnings.
2.		Plant assets that cost $50,000 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings.
3.		Net income as reported on the income statement for the year was $57,000.
4.		Dividends paid amounted to $8,100.
5.		Depreciation charged for the year was $19,800.

Prepare a statement of cash flows for the year 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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