Business, 23.08.2020 01:01 lesleyy7278

Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect method. MIGITSU COMPANY
Comparative Balance Sheets December 31
Assets 2020 2019
Cash $75,000 $20,000
Accounts receivable 85,000 75,000
Inventories 172,000 192,000
Land 71,000 100,000
Equipment 262,000 200,000
Accumulated depreciation (67,000) (34,000)
Total $598,000 $553,000
Liabilities and Stockholders’ Equity Accounts payable $35,000 $52,000
Bonds payable 151,000 209,000
Common stock ($1 par) 218,000 172,000
Retained earnings 194,000 120,000
Total $598,000 $553,000
Additional information:
1. Net income for 2020 was $105,000.
2. Cash dividends of $31,000 were declared and paid.
3. Bonds payable amounting to $58,000 were redeemed for cash $58,000.
4. Common stock was issued for $46,000 cash.
5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $36,000 during 2020; land was sold at cost.
What is the free cash flow for 2020?

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Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect...

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