Comparative balance sheets for International Company are presented below
International Company
Comparative Balance Sheets
December 31
Comparative Balance Sheets
December 31
Additional information:
- Net income for 2020 was $135,000.
- Cash dividends of $70,000 were declared and paid.
- Bonds payable amounting to $50,000 were redeemed for cash $50,000
- Common stock was issued for $50,000 cash.
- Depreciation expense was $24,000.
- Sales revenue for the year was $978,000.
- Land was sold at cost, and equipment was purchased for cash.
Instructions
Prepare a worksheet for the statement of cash flows for 2020 using in the indirect method. Enter the reconciling items directly in the worksheet, using letters to cross-reference each entry
Solution
International Company
Worksheet
Statement of Cash Flows For the Year Ended December 31, 2020
Worksheet
Statement of Cash Flows For the Year Ended December 31, 2020
