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The comparative balance sheets of NCAA Corporation are the following: December 31 2020 2019 Cash $750,750...

The comparative balance sheets of NCAA Corporation are the following:

December 31

2020

2019

Cash

$750,750

$487,500

Accounts receivable

526,500

390,000

Inventory

221,000

260,000

Investments

0

130,000

Building

0

975,000

Equipment

2,730,000

780,000

Patent

182,000

227,500

Totals

$4,410,250

$3,250,000

Allowance for doubtful accounts

$121,875

$162,500

Accumulated depreciation on equipment

104,000

260,000

Accumulated depreciation on building

0

227,500

Accounts payable

195,000

130,000

Dividends payable

0

227,500

Notes payable, short-term (nontrade)

243,750

325,000

Long-term notes payable

1,716,000

780,000

Common stock

1,225,250

845,000

Retained earnings

804,375

292,500

Totals

$4,410,250

$3,250,000

Additional data related to 2020 are as follows:                                                                                              

1. Equipment that had cost $351,000 and was 80% depreciated at time of disposal was sold for $140,400.                                                    

2. $380,250 of the long-term note payable was paid by issuing common stock.                                             

3. Cash dividends paid were $227,500.                                                               

4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the

building was $750,750 (after netting $15,015 taxes).  

5. Investments (available-for-sale) were sold at $71,500 below their cost. The company has made similar sales and investments in the past.                                                                                     

6. A long-term note for $1,316,250 was issued for the acquisition of equipment.                                          

Instructions: Prepare a statement of cash flows using the indirect method.

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Expert Solution

ekkarill92 answered 1 year ago
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