Business, 24.02.2020 03:37 alee885

A comparative balance sheet for Culver Corporation is presented as follows.

December 31
Assets
2020
2019
Cash $ 72,830 $ 22,000
Accounts receivable 84,220 68,390
Inventory 182,220 191,390
Land 73,220 112,390
Equipment 262,220 202,390
Accumulated Depreciation-Equipment (71,220 ) (44,390 )
Total $603,490 $552,170
Liabilities and Stockholders' Equity
Accounts payable $ 36,220 $ 49,390
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164,000
Retained earnings 203,270 138,780
Total $603,490 $552,170

Additional information:

1. Net income for 2020 was $129,440. No gains or losses were recorded in 2020.
2. Cash dividends of $64,950 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.

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(a)
Prepare a statement of cash flows for 2020 for Culver Corporation.

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A comparative balance sheet for Culver Corporation is presented as follows.

December 31<...

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