Can I get help with this question? Ill give thumbs up if correct :)
Thank you in advance!
The following financial statements are available for Herbert Company on December 31, 2020. Herbert Company Comparative Balance Sheets December 31, 2019 December 31, 2020 $52,000 $73,000 168,000 157,000 212,000 214,000 432,000 444,000 Assets Current Assets: Cash and cash equivalents Accounts Receivable, net Inventory Total Current Assets Land Property & Equipment - at cost Less Accumulated depreciation Net Property & Equipment Total Assets Liabilities and Equity Current Liabilities Accounts payable - trade Interest Payable Total Current Liabilities Long-term debt Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 97,000 300,000 (170,000) 130,000 659,000 107.000 333,000 (182,000) 151,000 702,000 78,000 8,000 86,000 83,000 7,000 90,000 100,000 350,000 123,000 659.000 100,000 375,000 137,000 702,000 Herbert Company Income Statement For year ended December 31, 2020 Revenues $800,000 Cost of Goods Sold 451,800 Gross Profit 348.200 Operating Expenses Wages and Salaries Expense 200,000 Income Statement For year ended December 31, 2020 Revenues $800,000 Cost of Goods Sold 451,800 Gross Profit 348,200 Operating Expenses Wages and Salaries Expense 200,000 Depreciation Expense 48,000 Operating income 100,200 Other income (expense) Loss on sale of Equipment (4,000) Interest expense (7,200) Income before taxes 89,000 Income tax expense 25.000 Net Income 64.000 Other available information During the year Herbert sold for $10,000 equipment costing $50,000 with $36,000 in Accumulated Depreciation Dividends were declared and paid to common stockholders during the year. No shares were repurchased during the year. No land was sold during 2020 New long-term debt of $20,000 was issued. Determine cash flows from financing activities. None of the other answer choices are correct Decrease by $35.000 Decrease by $45.000 Decrease by $25.000