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Cash flow statement [17 marks] The balance sheets for Blue Algae Co at December 31, 2020 and December 31, 2019 follow December 31 Cash Accounts
Cash flow statement [17 marks] The balance sheets for Blue Algae Co at December 31, 2020 and December 31, 2019 follow December 31 Cash Accounts receivable Land Equipment Accumulated depreciation 2020 $ 70,000 37.000 55.000 175.000 (37.000) 2019 S 30,000 40.000 35.000 150,000 25000 Total Assets $300,000 $230.000 Accounts payable Long-term notes payable Common shares Retained earnings 3,000 90,000 130.000 77.000 4.000 40.000 130.000 56.000 $300.000 $230,000 Total Liabilities & Shareholders' Equity Additional information for 2020: 1. Net income was $ 45,000 2. Land with a book value of S22,000 was sold for $30,000 3. Depreciation expense was $17.000 4. Paid off a $20,000 long-term note payable 5. New equipment was purchased for $45.000 cash. 6. Old equipment was sold for a $5.000 loss, Required: Prepare a statement of cash flows using the indirect method for the year ended December 31, 2020. You can use the template provided to help you with the cash flow statement. Blue Algae Co. Statement of Cash Flows For the year ended December 31, 2020 $ $ $ Cash from Operating Activities Net income Cash from Investing Activities Cash from Financing Activities
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