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Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....

Question 12

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.

ROTHLISBERGER COMPANY
Comparative Balance Sheets
December 31

Assets

2020

2019

Cash

$57,000

$49,000

Accounts receivable

42,400

64,000

Inventory

150,000

146,800

Prepaid expenses

14,300

21,600

Land

98,900

130,800

Buildings

198,400

198,400

Accumulated depreciation—buildings

(60,800

)

(33,100

)

Equipment

229,000

156,400

Accumulated depreciation—equipment

(42,800

)

(37,500

)

   Total

$686,400

$696,400

Liabilities and Stockholders’ Equity

Accounts payable

$46,400

$39,200

Bonds payable

260,000

293,100

Common stock, $1 par

190,800

157,700

Retained earnings

189,200

206,400

   Total

$686,400

$696,400


Additional information:
1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $7,300.
2. Land was sold for cash at book value.
3. Cash dividends of $62,000 were paid.
4. Net income for 2020 was $44,800.
5. Equipment was purchased for $94,400 cash. In addition, equipment costing $21,800 with a book value of $12,800 was sold for $6,200 cash.
6. Bonds were converted at face value by issuing 33,100 shares of $1 par value common stock.

Prepare a statement of cash flows for the year ended December 31, 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).)

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