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A comparative balance sheet and income statement for XYZ, Inc. is below. $ Cash Accounts Receivable Merchandise Inventory Equipment Accumulated Depreciation) 2020 49,000 $ 645,000
A comparative balance sheet and income statement for XYZ, Inc. is below. $ Cash Accounts Receivable Merchandise Inventory Equipment Accumulated Depreciation) 2020 49,000 $ 645,000 660,000 1,515,000 (765,000) 2019 79,000 580,000 615,000 1,466,000 (641,000) Increase (Decrease) (30,000) 65,000 45,000 49,000 124,000 Total Assets Accounts Payable Accrued Liabilities Income Taxes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities - Stockholders' Equity $ 2,104,000 $2,099,000 $ 250,000 $ 155,000 190,000 165,000 76,000 70,000 450,000 620,000 161,000 161,000 977,000 928,000 $ 2,104,000 $2,099,000 95.000 25,000 6,000 (170,000) 49,000 Sales Cost of Goods Sold Gross Margin $ 3,600,000 2,550,000 $ 1,050,000 Selling & Admin Expense (Depr. Expense included in this figure) Gain on Sale of equipment Income Taxes Net Income (875,000) 3,000 (63,000) $ 115,000 Other Information: Sold Old Equipment: Cash Proceeds Cost A/D 8,000 13,000 (8,000) No new bonds were issued during the year. No common stock transactions occurred during the year. Using the Indirect method, prepare a statement of cash flows for 2020
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