Chapter 14 Assignment CP 14-8 Assume the following income statement and balance sheet information Service revenue (all cash)$175 Operating expenses Salaries (all cash) Net income 85 90 2019 2020 Current assets $1,250 $1,600 Cash Short-term invest. 100 200 $1.350$1,800 1,000 Liabilities Borrowings 600 Stockholders' equity 300 500 800 $1.350$1,800 200 550 750 Common stock Retained earnings Other information: The short-term investments are riskless and will be converted to a known amount of cash in 60 days. Borrowings are non- current. No gain or loss occurred when common stock was repurchased. Required 1. Calculate cash flow from operating activities. 2. Prepare the 2020 statement of changes in equity. 3. Calculate cash flow from financing activities. 4. (Appendix) Prepare a cash flow table. Show that cash effects net to a $450 outflow