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ICE Drilling Inc.’s balance sheet information and income statement are as follows:
ICE Drilling Inc. Comparative Balance Sheet Information ICE Drilling Inc. Income Statement Tools Help For Year Ended Dec
Additional information regarding ICE Drilling’s activities during 2020:
1. Loss on sale of equipment is $11,480.
2. Paid $70,280 to reduce a long-term note payable.
3. Equipment costing $105,000, with accumulated depreciation of $63,000, is sold for cash.
4. Equipment costing $215,880 is purchased by paying cash of $56,000 and signing a long-term note payable for the balance.
5. Borrowed $8,400 by signing a short-term note payable.
6. Issued 5,600 common shares for cash at $18 per share.
7. Declared and paid cash dividends of $139,160.
Required
Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. Show your supporting calculations. Also prepare a note describing non-cash investing and financing activities.
Analysis Component: Merchandise Inventory, Prepaid Expenses, Notes Payable, and Common Shares are some of the accounts that changed during 2020. Explain what transactions likely caused each of these accounts to increase and/or decrease.
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