Selected financial statement information and additional data for Crane Co. is presented below. December 31 2019 2020 Cash $38,000 $65,500 Accounts receivable (net) 84,000 144,000 Inventory 169,000 205,000 Land 57,000 19,000 Equipment 505,000 787,000 TOTAL $853,000 $1,220,500 Accumulated depreciation $86,000 $117,000 Accounts payable 51,000 87,000 Notes payable - short-term 66,000 30,000 Notes payable - long-term 169,000 300,000 Common stock 415,000 483,000 Retained earnings 66,000 203,500 TOTAL $853,000 $1,220,500 Additional data for 2020: 1. Net income was $219,000. 2. Depreciation was $31,000. 3. Land was sold at its original cost. 4. Dividends of $81,500 were paid. 5. Equipment was purchased for $83,000 cash. 6. A long-term note for $199,000 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $68,000 long-term note payable. Prepare a statement of cash flows for the year ending December 31, 2020.

Explanation:              

Given Data:

                                                       December 31

                                                   2019                    2020

Cash                                        $38,000              $65,500

Accounts receivable (net)       84,000               144,000

Inventory                                  169,000             205,000

Land                                         57,000               19,000

Equipment                               505,000            787,000

TOTAL                                     $853,000          $1,220,500

Accumulated depreciation      $86,000          $117,000

Accounts payable                     51,000             87,000

Notes payable - short-term      66,000            30,000

Notes payable - long-term       169,000           300,000

Common stock                          415,000           483,000

Retained earnings                    66,000             203,500

TOTAL                                       $853,000        $1,220,500

Additional data for 2020:

1. Net income was $219,000.

2. Depreciation was $31,000.

3. Land was sold at its original cost.

4. Dividends of $81,500 were paid.

5. Equipment was purchased for $83,000 cash.

6. A long-term note for $199,000 was used to pay for an equipment purchase.

7. Common stock was issued to pay a $68,000 long-term note payable.

                              Statement of cash flows

                    For the year ending December, 2020

Cash flows from operating activities:

Net income                                                                                 $219,000

Adjustments to reconcile net income to

net cash flows from operating activities:

Add:

Depreciation expenses                                          $31,000

Increase in account payable (87,000-51,000)      $36,000 

Less:

Increase in account receivable(84,000-144,000) -$60000        

Increase in inventory (169,000 - 205,000)           -$36000      

Decrease in note payable-long term                      $0

(300,000- 169,000 - $199,000 + $68,000)    

Decrease in note payable- short term                  -$36,000

(30,000 -66,000)

Net cash flow from operating activities                                  -$65,000  

   154,000                        

Cash flow from investing activities:

Land sold ( 57,000- 19,000)                                $38,000

Equipment purchase                                           -$83,000    -$45000

Cash flow from financing activities:

Dividend paid                                                                                           -$81,500

Net increase in cash                                                                  $27,500

Add: Beginning cash balance                                                            $38,000

Ending cash balance                                                                  $65,500

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