i have completed this in excel but would like to compare my answers J8. Cambridge Corp. reported the following financial statements for the year endedDecember 31, 2020.Balance Sheet, December 31Cash and cash equivalents| Accounts receivableMerchandise inventory2019Difference$190,00075,000 O(20,000) ↑ 2000155,000 295,000 140,000 , 140000100,000 20,000-180,000) Land-2020$120,00095,000$310,000LandEquipmentJAccumulated depreciation240,000360,000120,000(60.000) (120,000)Đ160.000) ↑+60U00$940.000$290.000$ 90,000 +Total assetsAccounts payableNotes payable, long-termBonds payableCommon stock (no-par)Retained earningsTotal liabilities and stockholders'$650.000$ 80,00035,000$ 10,000 Tloo0(25,000) V 2suco10,000150,000 (+)150,00060,000 - 160,0095.000N400,000135.000 230.000P13500+17000equity$650,000$940,000$290.00050,000230,00Income Statement300uFor the Year Ended December 31, 202024760,000410,000RevenuesCost of goods soldDepreciationOther expenses60,00070,00050,000/SoD Ad Back LossesJLoss on sale of land24170,000Net incomePrepare the statement of cash flows for Cambridge Corp. for the year ended December31, 2020, using the indirect method to present cash flows from operating activities.

A cash flow statement is a financial statement that summarizes the amount of cash and cash…

8. Cambridge Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash equivalents |Accounts receivable Merchandise inventory Land $120,000 $310,000 75,000 9(20,000) ↑ 2oc00 295,000 140,000 , 140000 20,000180,000) Land 360,000 $190,000 95,000 155,000 100,000 Equipment JAccumulated depreciation Total assets Accounts payable Notes payable, long-term Bonds payable Common stock (no-par) Retained earnings 240,000 120,000 $650.000 $ 80,000 35,000 (60.000) (120.,000)160.000) 1+60U0 $290.000 $ 90,000 $ 10,000 Tloo0O $940.000 10,000 (25,000) V 150,000 (+)150,000 460,000 60,000 - 160,000 95.000 400,000 135.000 230.000 13500 +17000 Total liabilities and stockholders' equity $650,000 $940,000 $290,000 230,00 50,000 300u Income Statement For the Year Ended December 31, 2020 Revenues $4 760,000 Cost of goods sold Depreciation Other expenses +J Loss on sale of land 50.000 So Add Back Uos 170,000 410,000 60,000 70,000 Net income Prepare the statement of cash flows for Cambridge Corp. for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities.

8. Cambridge Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash equivalents |Accounts receivable Merchandise inventory Land $120,000 $310,000 75,000 9(20,000) ↑ 2oc00 295,000 140,000 , 140000 20,000180,000) Land 360,000 $190,000 95,000 155,000 100,000 Equipment JAccumulated depreciation Total assets Accounts payable Notes payable, long-term Bonds payable Common stock (no-par) Retained earnings 240,000 120,000 $650.000 $ 80,000 35,000 (60.000) (120.,000)160.000) 1+60U0 $290.000 $ 90,000 $ 10,000 Tloo0O $940.000 10,000 (25,000) V 150,000 (+)150,000 460,000 60,000 - 160,000 95.000 400,000 135.000 230.000 13500 +17000 Total liabilities and stockholders' equity $650,000 $940,000 $290,000 230,00 50,000 300u Income Statement For the Year Ended December 31, 2020 Revenues $4 760,000 Cost of goods sold Depreciation Other expenses +J Loss on sale of land 50.000 So Add Back Uos 170,000 410,000 60,000 70,000 Net income Prepare the statement of cash flows for Cambridge Corp. for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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