In: Accounting
The following is a condensed version of the comparative balance sheets for Shamrock Corporation for the last two years at December 31.
2020 |
2019 |
|||||
---|---|---|---|---|---|---|
Cash |
$ 300,900 | $ 132,600 | ||||
Accounts receivable |
306,000 | 314,500 | ||||
Investments |
88,400 | 125,800 | ||||
Equipment |
506,600 | 408,000 | ||||
Accumulated Depreciation-Equipment |
(180,200 | ) | (151,300 | ) | ||
Current liabilities |
227,800 | 256,700 | ||||
Common stock |
272,000 | 272,000 | ||||
Retained earnings |
521,900 | 300,900 |
Additional information:
Investments were sold at a loss of $17,000; no equipment was sold;
cash dividends paid were $51,000; and net income was $272,000.
Prepare a statement of cash flows for 2020 for Shamrock Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Cash Flow Statement - Shamrock Corporation | ||
Indirect Method | ||
Cash Flow From Operating Activities | ||
Net Income | $272,000.00 | |
Adjustments | ||
Add: Depreciation (180200-151300) | $28,900.00 | |
Add: Loss on Sale of investment | $17,000.00 | |
Add: Decrease In Accounts Receivables | $8,500.00 | |
Less: Deccrease In Current Liabilities | -$28,900.00 | |
$25,500.00 | ||
Cash Flow From Operating Activities | $297,500.00 | |
Cash Flow From Investing Activities | ||
Sale Proceeds Of Investment (125800-88400)-17000 | $20,400.00 | |
Purchase Equipment | -$98,600.00 | |
Cash Flow From Investing Activities | -$78,200.00 | |
Cash Flow From Financing Activities | ||
Cash Dividends Paid | -$51,000.00 | |
Cash Flow From Financing Activities | -$51,000.00 | |
Net Cash Flow For The Year | $168,300.00 | |
Add:Beginning Cash Balance | $132,600.00 | |
Ending Cash Balance | $300,900.00 |