Balance Sheet At December 31 2020 2019 Assets Cash Accounts Receivable Inventory Equipment, net Total Assets IAL S283,000 S280,890 $120.430 IC] S44.900 $108,080 $57.130 $895.470 $505,460 income statement For the year 2020 2019 Sales [B]S534,400 Cost of Goods Sold 5554,700 582.850 Depreciation expenses S111,700 $46,400 Wage expenses S470,880 $240,000 Other expenses $227,860 $63,260 Net Income S403.740 S101.890 Liabilities Accounts Payable S12.660 $1,590 Cash Flow Statement Notes Payable S122.690 $122.690 For the year Wages Payable S18.930 $20.990 2020 2019 Total Liabilities $154.280 $145.270 Cash from Operations $282,890 $115,330 Cash from Investing (5162,650) (549,000) Shareholders' Equity Cash from Financing ($22,740) (55,580) Contributed Capital NA $332,700 Retained Earnings DI $27,490 Total Equity El 5360.190 Total Liabilities and Equity NA 5505,460 Additional Information 1. The only financing activity" in the statement of cash flow in both years relates to cash payments of dividends. 2. Cash from "investing activity" relates to the purchase of additional equipment in cash. Cash: Sales: Inventory: Retained Earnings: Total Equitya