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Selected financial statement information and additional data for Jasmine Co. is presented below. Prepare a statement...

Selected financial statement information and additional data for Jasmine Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020

December 31

2020 2019

Cash $65,000 $42,000

Accounts receivable (net) 144,200 84,000

Inventory 206,600 168,000

Land 21,000 58,800

Equipment…………………………………. 789,600 504,000

A/D- Eqp………....................................... 115,600 84,000

Accounts payable 86,000 50,400

Notes payable - short-term 29,400 67,200

Notes payable - long-term 302,400 168,000

Common stock 487,200 420,000

Retained earnings 205,800 67,200

*change in inventory is an operating activity*

Additional data for 2020:

1. Net income was $220,200.

2. Depreciation was $?

3. Land was sold at its original cost.

4. Dividends of $81,600 were paid.

5. Equipment was purchased for $84,000 cash.

6. A long-term note for $134,400 issued for equipment purchase.

7. New owners invested in company by purchasing 100 shares of Common stock for cash.

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Expert Solution


ekkarill92 answered 1 year ago
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