The following is a condensed version of the comparative balance sheets for Sheffield Corporation for the last two years at December 31. 2020 2019
Cash $265,500 $117,000
Accounts receivable 270,000 277,500
Investments 78,0001 11,000
Equipment 447,000 360,000
Accumulated Depreciation-Equipment (159,000) (133,500)
Current liabilities 201,000 226,500
Common stock 240,000 240,000
Retained earnings 460,500 265,500

Additional information:

a. Net income for 2022 was $55,800.
b. Depreciation expense was $20,400.
c. Cash dividends of $23,400 were declared and paid.
d. Bonds payable amounting to $30,000 were redeemed for cash $30,000.
e. Common stock was issued for $25,200 cash.
f. No equipment was sold during 2022.
g. Land was sold for its book value.

Required:
Prepare a statement of cash flows for 2020 using the indirect method.

Sheffield Corporation

Statement of Cash Flows

For the year ended December 31, 2020

Net Income                        $55,800

Non-cash expense:

Depreciation                        20,400

Net Cash from operation $35,400

Working capital changes:

Accounts receivable             7,500

Current liabilities              (25,500)

Net cash from operating activities       $17,400

Investing activities:

Investments                                            33,000

Financing activities:

Common Stock                 25,200

Bonds payable                 (30,000)

Dividends                         (23,400)       (28,200)

Net cash flows                                     $22,200

Explanation:

a) Data and Calculations:

Sheffield Corporation

Comparative Balance Sheet

For the two years at December 31:

                                    2020               2019           Inflow     / outflow

Cash                        $265,500      $117,000

Accounts receivable 270,000       277,500           $7,500

Investments                78,000           111,000          33,000

Equipment                447,000        360,000          

Accumulated Depreciation

-Equipment            (159,000)        (133,500)

Current liabilities     201,000         226,500                           25,500      

Common stock       240,000         240,000

Retained earnings 460,500         265,500

metallurgy is your answer

the "study of metals and the process of refining ("

note that it says metal. metallurgy has the word "metal" in it, and so is most likely your answer (and is your answer).

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