22-521 Question 5 of 5 Crane inc, a greeting card company had the following statements prepared as of December 31, 2020, CRANE INC COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 $5.900 Accounts receivable 62,500 Short-term debt investments (available for sale! 35,300 Inventory 39,800 Prepaid rent 5.100 Equipment 155,200 Accumulated depreciation equipment (34,700 Copyrights 45.500 5314,600 12/31/19 $7,000 51.200 17.900 60.100 3.900 130 400 125,200 50,400 $295.700 Total assets 546,100 4100 $39.900 6.000 Accounts payable tecome taxes payable Garland we Type to search O 913 6 8 9 ER T U P. S D F G H J K L 2-521 > Question 5 of 5 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 $46, 100 4,100 8,000 8.000 60,400 100.000 30,000 58,000 5314,600 $39,900 6,000 4,000 10,100 69,100 100,000 30,000 36,600 $295.700 CRANE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $340,650 Cost of goods sold 175.900 Gross profit 164750 Operating exe 125.000 Operating in 0 Type 9 5. 6 co 8 9 ERT Y U P. D F G H J K L Question 5 of 5 23.750 $11,500 2.000 Operating come Interest expense Gain on sale of equipment Income before tax Income tax expense Net Income 9.500 34 250 6,850 $27.400 Additional information: 1 2 3. 4 Dividends in the amount of $6,000 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 $20.200 and was 70% depreciated was sold during 2020 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign 3.-15.000 in parenthesises (15.000 CRANE INC Statement of Cash Flows 10 ch FED 5 6 8 9 E R T U D F G H J K o v B N M 14 CRANE INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 27400 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Gain on Saleol Equipment Amortization of Copyright in contacte Dintores to search O C TE TO 5 6 7 OD g ER TY U F G H J K CVB NM DAS