9-St of Cash Flows (10 points) Saved Help Save & Exit Submit Check my work Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the year ended December 31, 2020. you determine the following . Net income for the year ended December 31, 2020, was $97,000. Dividends paid during the year ended December 31, 2020, were $66,500. . Accounts receivable decreased $10,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $134,000 - No buildings were disposed of during 2020 The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2020, was $181,000 Required: a. Complete the December 31, 2020, balance sheet. (Hint Long-term debt is the last number to compute to make the balance sheet balance.) b. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. Complete this question by entering your answers in the tabs below. Required A Required Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) HOEMAN INc. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net income 97,000 Prev 2 of 6 Next> 3:13 PM o search 10/25/2019 PrtScn Home End PgUp PgDn HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: $ 97,000 Net income Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Decrease in inventory Decrease in accounts payable 97,000 Net cash provided by operating activities Cash flows from investing activities: Cash paid to acquire new buildings Cash flows from financing activities: Increase in note payable Payment of cash dividends on common stock $ 97,000 $ Cash balance, January 1, 2020 Cash balance, December 31, 2020 97,000 HOEMAN INC Comparative Balance Sheets At December 31, 2020 and 2019 2019 2020 Assets: Current assets: 53,500 $ 133,000 49,000 Cash 143,500 Accounts receivable 177,000 Inventory 169,500 369,500 $ Total current assets 148,500 Land 407,500 Buildings Less: Accumulated depreciation 273,500 (107,000) (125,000) $ 315,000 $ 684,500 Total land & buildings Total assets Liabilities: Current liabilities: Accounts payable Note payable 196,500 $ 127,000 158,500 329,500 323,500 $ Total current liabil ities Long-term debt Stockholders' Equity: Common stock Retained earnings $ 131,000 $ 50,500 48,000 182,000 Total stockholders' equity $ 230,000 Total liabilities and stockholders' equity $ 684,500