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A comparative statement of financial position for Pelita Manufacture appears below: Pelita Manufacture Comparative Statement of Financial Position Equipment Assets Accumulated depreciation equipment Long-term investments
A comparative statement of financial position for Pelita Manufacture appears below: Pelita Manufacture Comparative Statement of Financial Position Equipment Assets Accumulated depreciation equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash Total assets Dec. 31, 2020 Dec. 31, 2019 60,000 32,000 (20,000) (14,000) -0- 18,000 6,000 9,000 25,000 18,000 18,000 14,000 33,000 10,000 122,000 87,000 Equity and Liabilities Share capital-ordinary 40,000 23,000 Retained earnings 28,000 10,000 Bonds payable 37,000 47,000 Accounts payable 17,000 7,000 Total equity and liabilities 122,000 87,000 Additional information: 1. Net income for the year ending December 31, 2020 was 33,000. 2. Cash dividends of 15,000 were declared and paid during the year. 3. 4. Long-term investments that had a cost of 18,000 were sold for 14,000. Sales for 2020 were 120,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method
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