Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. selected financial statement information and addit

Selected financial statement information and additional data for Ivanhoe Co. is presented below. Cash Accounts...

50.1K

Verified Solution

Question

Accounting

image

Selected financial statement information and additional data for Ivanhoe Co. is presented below. Cash Accounts receivable (net) Inventory Land Equipment TOTAL December 31 2019 2020 $41,000 $78,500 86,000 145,000 169,000 200,000 59,000 20,000 502,000 785,000 $857,000 $1,228,500 Accumulated depreciation Accounts payable Notes payable - short-term Notes payable - long-term Common stock Retained earnings TOTAL $83,000 $114,000 48,000 85,000 65,000 28,000 167,000 300,000 422,000 488,000 72,000 213,500 $857,000 $1,228,500 Additional data for 2020: 1. Net income was $223,000. 2. Depreciation was $31,000. 3. Land was sold at its original cost. 4. Dividends of $81,500 were paid. 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $199,000 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $66,000 long-term note payable. Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

1) You buy a lottery ticket to a lottery that costs $10 per ticket. There are...

Accounting
1.2K views

Choose a product that would lend itself well to activity-based costing and explain why. What are...

Accounting
1.2K views

Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the...

Physics
1.2K views

2 The transition from the state n 3 to n 1 in a hydrogen like...

Basic Math
1.2K views

Calculate the surface area of each pyramid with the following values. (P = perimeter, b...

Accounting
1.2K views

You have been hired as the new controller for the Ralston Company. Shortly after joining...

Accounting
1.2K views

[Para. 4-a-4] Additional interest and penalties were accrued on delinquent property taxes in the amount...

Accounting
1.2K views

Alpha Company manufactures a single product, the Whiz Mixer kitchen appliance, which it sells for...

Accounting
1.2K views

Please help!! I completed most of it but I just need help with req. 2B,...

Accounting
1.2K views

In planning an audit, the auditor's understanding of the client and its environment, including internal...

Accounting
1.2K views

Show calculations and steps please! Following is the balance sheet for Lowe's Companies Inc....

Accounting
1.2K views

PRELIMINARY COMPUTATIONS: TAL Cost of 70% Interest at January 1st Implied Fair Value of Subsidiary...