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Business, 13.06.2020 22:57 annamcveigh50

Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $118,300 $47,700 Accounts receivable 91,000 33,900 Inventory 112,200 102,000 Prepaid expenses 29,700 26,000 Investments 139,800 113,800 Equipment 265,600 241,400 Accumulated depreciation-equipment (47,200 ) (52,400 ) Total $709,400 $512,400 Liabilities and Stockholders’ Equity Accounts payable $111,800 $67,200 Accrued expenses payable 16,500 17,000 Bonds payable 111,800 149,800 Common stock 219,700 174,200 Retained earnings 249,600 104,200 Total $709,400 $512,400 Blue Spruce Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue $393,000 Less: Cost of goods sold $134,900 Operating expenses, excluding depreciation 11,500 Depreciation expense 30,600 Income tax expense 26,400 Interest expense 4,800 Loss on disposal of plant assets 7,500 215,700 Net income $177,300 Additional information: 1. New equipment costing $80,200 was purchased for cash during the year. 2. Old equipment having an original cost of $56,000 was sold for $12,700 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $31,900 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,000).)

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Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets D...

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