Comparative balance sheet Whitbey Electricity Inc. Balance Sheet August 31, 2020 and 2019 2020 2019 Current assets Cash and cash equivalents $ Accounts receivable Interest receivable Inventory Prepaid expenses Electrical equipment, net 55,000 $ 419,000 7,400 999,000 21,000 1,009,000 411,000 168,000 431,000 9,600 907,000 38,000 953,000 204,000 Land $ Total assets 2,921 400 $ 2,710,600 - X Comparative balance sheet of 9 411,000 204,000 tang Land $ 2,921,400 $ 2,710,600 chod Total assets Current liabilities $ 191,000 e ind Accounts payable Interest payable Salaries payable 77,000 132,000 $ 65,000 71,000 189,000 87,00 nc. 24,000 195,000 42,000 Lease liabilities nen ist 3 Income tax payable Long-term liabilities Notes payable Shareholders' equity Common shares 485,000 650,000 1,425,000 467 400 1,245,000 286.600 Retained earnings $ 2.921,4001 $ 2.710 600 1 Income statement Ft ch ct Whitbey Electricity Inc. Income Statement For the Year Ended August 31, 2020 Revenues Sales revenue $ 4,410,000 23,000 Interest revenue Total revenues 4,433,000 Expenses Cost of goods sold $ 1,960,000 814,000 Salaries expense Amortization expense 255,000 Other operating expenses 505,000 Interest expense 256.000 177 onnl Income statement Revenues Sales revenue $ 4,410,000 23,000 Interest revenue Total revenues 4,433,000 Expenses: Cost of goods sold $ 1,960,000 Salaries expense 814,000 Amortization expense 255,000 Other operating expenses s 505,000 Interest expense 256,000 177,000 Income tax expense Total expenses 3,967,000 Net income 466,000 Requirement 1. Prepare the 2020 cash flow statement by the indirect method (Use parentheses or a minus sign for numbers to be subtracted or for negative cash flows.) 466000 Whitbey Group Inc. Cash Flow Statement For the Year Ended August 31, 2020 Cash flows from operating activities Net Income Add (subtract) items that affect net income and cash flow differently Amortization expense Decrease in accounts receivable Decrease in interest receivable 255000 411000 0311 Company QUO VW MORE BER 255000 Amortization expense Decrease in accounts receivable Decrease in interest receivable 411000 Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in interest payable Increase in salaries payable Decrease in lease liabilities Increase in income tax payable Net cash inflow (outflow) from operating activities Cash flows from investing activities Enter any number in the edit fields and then continue to the next question Increase in income tax payable Net cash inflow (outflow) from operating activities Cash flows from investing activities Purchase of land Purchase of equipment Net cash inflow (outflow) from investing activities Cash flows from financing activities Payment of dividends Payment of notes payable Issuance of common shares Net cash inflow (outflow) from financing activities Net increase (decrease) in cash Enter any number in the edit fields and then continue to the next question suance of common shares Net cash flow (outfiow) from financing activities Net Increase (decrease) in cash Cash and cash equivalents September 1, 2019 Cash and cash equivalents, August 31 2020 Requirement. Evaluate the 2020 cash flow for this company Aposte net cash flow from activities conveys a signal to investors as well as Land and equipment Outflows related to these outflows activities caused yearly cash flow to result in a w balance that the should have been delayed until cash was adequate to cover As long as this is not a the business will enduro, however, it will need to be in the years to come