12/31/19 CULVER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $5,900 Accounts receivable 61,400 Short-term debt investments (available-for-sale) 34,700 Inventory 40,200 Prepaid rent 5,000 Equipment 152,700 Accumulated depreciation equipment (35,400) Copyrights 45,700 Total assets $310,200 $6,900 51,200 18,000 59,700 4,100 130,200 (25,000) 49,900 $295,000 $40,400 $46,300 3,900 8,100 6,000 3,900 10,100 8,100 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 69,400 100.000 60,200 100,000 30,000 53,600 30,000 35,200 $310,200 $295,000 CULVER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $335,075 Cost of goods sold 175,200 Gross profit 159,875 Operating expenses 120,100 Operating income 39,775 Interest expense $11,400 Gain on sale of equipment 2,000 9,400 Income before tax 30,375 Income tax expense 6,075 Net income $24,300 Additional information: 1. 2. 3. Dividends in the amount of $5,900 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)