Business, 27.05.2020 21:08 w210138937

Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income $ 54,000 Add (deduct) items not affecting cash: Depreciation expense 270,000 Decrease in accounts receivable 138,000 Increase in Inventory (42,000 ) Increase in notes payable 72,000 Decrease in accounts payable (36,000 ) Net cash provided by operating activities $ 456,000 Cash Flows from Investing Activities: Purchase of equipment $ (300,000 ) Purchase of buildings (288,000 ) Net cash used by investing activities $ (588,000 ) Cash Flows from Financing Activities: Proceeds from short-term debt $ 30,000 Cash used for retirement of long-term debt (150,000 ) Proceeds from issuance of common stock 60,000 Payment of cash dividends on common stock (18,000 ) Net cash used by financing activities $ (78,000 ) Net decrease in cash for the year $ (210,000 ) Required: Complete the December 31, 2020 and 2019 balance sheets. Complete the statement of changes in retained earnings for the year ended December 31, 2020.

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Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended Decemb...

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