Below is a list of the general ledger account totals from the trial balance at the end of 2020 for the business.

Name of Account Dr Cr

Cash 19670

Inventory 15,000

Accounts Receivable ?

Prepaid Lease 0

Property Plant & Equipment ?

Accumulated Depreciation ?

Suppliers Accounts Payable 28,000

Taxes Payable 0

Interest Only Bank Loan 55,000

Contributed Capital 10,000

Retained Earnings ?

Credit Sales 175,000

Cash Sales 30,000

Cost of Goods Sold 88,000

Wages Expense 29,000

Lease Expense 8,000

Utilities Expenses 5,000

Interest on Bank Loan 3,000

Dividends Paid 50,000

Gross profit = 117,000

Operating profit = 73,250

Depreciation on plant and equipment = 1750

income tax expense = 19670

net profit after tax = 50,580

Except for the cost of goods sold and new taxes, assume that all expenses are paid for in cash. The business had new equipment purchases during 2020 of $5,000 and depreciation on all property, plant & equipment is calculated using the reducing balance method with an annual depreciation rate of 35%.

Question: Based on all of the above information, construct an updated Statement of Financial Position for the business at the end of 2020 and a Statement of Cashflows for 2020 and check that the balance sheet cash position is correct.

* Note the Businesss final cash position will be a balancing item assuming all of the other information has been processed correctly.