Bramble Inc., a greeting card company, had the following statements prepared as of December 31, 2020.

BRAMBLE INC.

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31, 2020 AND 2019

12/31/20 12/31/19

Cash $6,000 $6,900

Accounts receivable 62,500 50,900

Short-term debt investments (available-for-sale) 35,200 17,900

Inventory 40,300 59,500

Prepaid rent 4,900 4,100

Equipment 153,100 129,600

Accumulated depreciationequipment (35,200) (24,700)

Copyrights 45,600 50,500

Total assets $312,400 $294,700

Accounts payable $45,500 $40,000

Income taxes payable 4,000 6,100

Salaries and wages payable 8,000 3,900

Short-term loans payable 8,000 9,900

Long-term loans payable 59,400 68,800

Common stock, $10 par 100,000 100,000

Contributed capital, common stock 30,000 30,000

Retained earnings 57,500 36,000

Total liabilities & stockholders' equity 312,400 294,700

Bramble INC.

INCOME STATEMENT

FOR THE YEAR ENDING DECEMBER 31, 2020

Sales revenue $337,300

Cost of goods sold 174,000

Gross profit 163,300

Operating expenses 119,100

Operating income 44,200

Interest expense $11,600

Gain on sale of equipment 1,900 9,700

Income before tax 34,500

Income tax expense 6,900

Net income $27,600

Additional information:

1. Dividends in the amount of $6,100 were declared and paid during 2020.

2. Depreciation expense and amortization expense are included in operating expenses.

3. No unrealized gains or losses have occurred on the investments during the year.

4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2020.

a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

BRAMBLE INC.

Statement of Cash Flows

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