Here are comparative balance sheets for Velo Company.
VELO Company
Comparative Balance Sheets
December 31
Comparative Balance Sheets
December 31
Additional Information
- Net income for 2020 was $93,000
- Cash dividends of $35,000 were declared and paid.
- Bonds payable amounting to $50,000 were redeemed for cash $50,000
- common stock was issued for $42,000 cash.
- No equipment was sold during 2020, but land was sold at cost
Instructions
Prepare a statement of cash flows for 2020 using the indirect method
Solution
VELO Company
Statement of Cash Flows - Indirect Method
For the Year Ended December 31, 2020
Statement of Cash Flows - Indirect Method
For the Year Ended December 31, 2020
