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The comparative balance sheets for Hinckley Corporation show the following information.
December 31 2020 2019 $ 33,500 Cash $13,000 Accounts receivable 12,250 10,000 12,000 Inventory 9,000 Available-for-sale
Additional data related to 2020 are as follows.
1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.
2. $10,000 of the long-term note payable was paid by issuing common stock.
3. Cash dividends paid were $5,000.
4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000 (net of $2,000 taxes).
5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past.
6. Cash was paid for the acquisition of equipment.
7. A long-term note for $16,000 was issued for the acquisition of equipment.
8. Interest of $2,000 and income taxes of $6,500 were paid in cash.
Instructions
Prepare a statement of cash flows using the indirect method.
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