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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 $ 2,104,000 $2,099,000 Accounts Payable Accrued Liabilities Income Taxes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities + Stockholders' Equity $ 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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