12] Lion Enterprises Income Statement Year ended 12/31/2021 Sales 7,500 Operating Expenses Cost of Goods Sold $ 3,330 Depreciation Expense $ 240 surance Expense 100 & A Expenses $ 1,750 otal Operating Exper $ 5,420 S (5,420) ncome before income taxes $ 2,080 Sain on sale of equipment $ 50 et Income $ 2,130 Balance Sheet 12/31/2020 12/31/2021 Cash 200 830 AIR 830 750 Inventory 600 640 Prepaid Insni 20 50 Equipment 1800 1500 (Accum Dei -600 -700 TOTAL ASSETS 2850 3070 A/P 360 300 Accured Py 400 300 IT payable 150 200 N/P 600 800 Commn Stc 800 800 Retained E: 540 670 TOTAL Liabilities & SE 2850 3070 (12 points) Prepare a statement of cash flows using the indirect method. Show all work. 38 [12] Lion Enterprises Balance Sheet 39 Income Statement 12/31/2020 12/31/2021 40 Year ended 12/31/2021 Cash 200 830 41 A/R 830 750 42 Inventory 600 640 43 Sales 7,500 Prepaid Insni 20 50 44 Operating Expenses Equipment 1800 1500 45 Cost of Goods Sold $ 3,330 (Accum Del -600 -700 46 Depreciation Expense $ 240 TOTAL ASSETS 2850 3070 7 Insurance Expense 100 A/P 360 300 98 G & A Expenses $ 1,750 Accured Py 400 300 9 Total Operating Exper $ 5,420 $ (5,420) IT payable 150 200 50 Income before income taxes $ 2,080 N/P 600 800 51 Gain on sale of equipment $ 50 Commn Stc 800 800 52 Net Income $ 2,130 Retained E 540 670 53 TOTAL Liabilities & SE 2850 3070 14 (12 points) 5 6 Prepare a statement of cash flows using the indirect method. Show all work