Comparative balance sheets for Pina Colada Corp. are presented as follows. Pina Colada Corp. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,950 $22,400 Accounts receivable 84,350 76,050 Inventory 180,500 188,250 Land 75,450 100,300 Equipment 249,600 199,800 Accumulated depreciation—equipment (66,250 ) (41,250 ) Total $596,600 $545,550 Liabilities and Stockholders’ Equity Accounts payable $33,400 $46,350 Bonds payable 149,200 199,900 Common stock ($1 par) 213,600 164,700 Retained earnings 200,400 134,600 Total $596,600 $545,550 Additional information: 1. Net income for 2020 was $134,100. 2. Cash dividends of $68,300 were declared and paid. 3. Bonds payable amounting to $50,700 were redeemed for cash $50,700. 4. Common stock was issued for $48,900 cash. 5. Depreciation expense was $25,000. 6. Sales revenue for the year was $977,800. 7. Land was sold at cost, and equipment was purchased for cash. Prepare a worksheet for a statement of cash flows for 2020 using the indirect method. Enter the reconciling items directly on the worksheet.
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Comparative balance sheets for Pina Colada Corp. are presented as follows. Pina Colada Corp. Compara...
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