12. Statement of Cash Flows Given below are the balance sheet items for Busy Hands Are Happy Hands Co. Ltd at the end of 2020 and 2019. In addition, you are given a list of other information needed to determine changes in financial position Making use of the data given, complete a Statement of Cash Flows for 2020 SUMMARY OF BALANCE SHEET ITEMS December 31, 2020 & 2019 ASSETS 2020 2019 Cash 98,000 29,000 Accounts Receivable, Net 53,000 59,000 Merchandise Inventory 131,000 113,000 Equipment 223,000 205.000 Accumulated Depreciation, Equip (29.000) (23.000) TOTAL ASSETS S476,000 $383,000 LIABILITIES & SHAREHOLDERS EQUITY Accounts Payable 47,000 35,000 Taxes Payable 11.000 17,000 Dividends Payable 14,000 5.000 Note Payable 130,000 100,000 Common Stock 203,000 185,000 Retained Earnings 71.000 41.000 TOTAL LIABILITIES & S/E $476,000 $3 83,000 ADDITIONAL DATA 1. Net Income was $60,000 2. Depreciation expense for equipment was $9,000 3. Equipment was purchased costing $21,000 4. Fully depreciated equipment that had cost of $3,000 was discarded, and its cost and accumulated depreciation were removed from the accounts 5. 1500 shares of stock were sold and issued at $12 per share 6. A payment was made on the Note Payable. 7. The company declared $30,000 of cash dividends during the year and paid $21,000 of these 12. Statement of Cash Flows Given below are the balance sheet items for Busy Hands Are Happy Hands Co. Ltd at the end of 2020 and 2019. In addition, you are given a list of other information needed to determine changes in financial position Making use of the data given, complete a Statement of Cash Flows for 2020 SUMMARY OF BALANCE SHEET ITEMS December 31, 2020 & 2019 ASSETS 2020 2019 Cash 98,000 29,000 Accounts Receivable, Net 53,000 59,000 Merchandise Inventory 131,000 113,000 Equipment 223,000 205.000 Accumulated Depreciation, Equip (29.000) (23.000) TOTAL ASSETS S476,000 $383,000 LIABILITIES & SHAREHOLDERS EQUITY Accounts Payable 47,000 35,000 Taxes Payable 11.000 17,000 Dividends Payable 14,000 5.000 Note Payable 130,000 100,000 Common Stock 203,000 185,000 Retained Earnings 71.000 41.000 TOTAL LIABILITIES & S/E $476,000 $3 83,000 ADDITIONAL DATA 1. Net Income was $60,000 2. Depreciation expense for equipment was $9,000 3. Equipment was purchased costing $21,000 4. Fully depreciated equipment that had cost of $3,000 was discarded, and its cost and accumulated depreciation were removed from the accounts 5. 1500 shares of stock were sold and issued at $12 per share 6. A payment was made on the Note Payable. 7. The company declared $30,000 of cash dividends during the year and paid $21,000 of these