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A comparative balance sheet for Bobcat CBD, Inc. appears below: Bobcat CBD, Inc. Comparative Balance Sheets as of Dec. 31, 2020 Dec. 31. 2019 Assets
A comparative balance sheet for Bobcat CBD, Inc. appears below: Bobcat CBD, Inc. Comparative Balance Sheets as of Dec. 31, 2020 Dec. 31. 2019 Assets Cash $ 100,000 S 20,000 Accounts receivable 25,000 65,000 Inventory 65,000 40,000 Equipment 30,000 60,000 Accumulated depreciation equipment 120.000 (35.000 Total assets $ 200.000 S 150.000 Liabilities and Stockholders' Equity Accounts payable S 30.000 $ 10,000 Bank Loan (due in 2024) 40,000 50,000 Common stock 50,000 50,000 Retained earnings 80.000 40,000 Total liabilities and stockholders' equity $ 200.000 S 150.000 Additional information: 1. Net Income was $50,000 for the year ending December 31, 2020. 2 Equipment was sold during the year for $ 15,000. The original cost was $ 30,000 and the accumulated depreciation on the equipment at the time of sale was $ 25,000. 3. Depreciation Expense was $ 10,000 in 2020. 4. Cash dividends of S 10,000 were declared and paid during the year. Instructions: On the next page prepare a "Complete" Statement of Cash Flows in good form (organized and labeled) for the year ended December 31, 2020 using the Indirect Method. Bobcat CBD, Inc. Statement of Cash Flows For the Year Ended December 31, 2020
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