Current Attempt in Progress Kate Petusky prepared Addison Controls balance sheet and income statement for 2020. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison's president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheet and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 2020 Sales revenue $129.900 Cost of goods sold 69,800 Gross margin 60.100 Selling expense 15,000 Administrative expense 8,000 Salaries expense 18,000 Depreciation expense 1.900 Interest expense 6,000 48,900 Income before gain and taxes 11,200 Gain on sale of equipment 900 Income tax expense 800 Net Income $11,300 Addison Controls Comparative Balance Sheets As of December 31 2020 Cash $5,100 Accounts receivable.net 5,800 Inventory 32,200 Total current assets 43,100 Property, plant, & equipment, net 211,500 Total assets $254,600 Accounts payable $3,400 Accrued expenses 1,000 Salaries payable 1,400 Taxes payable 2,100 Bonds payable 60,000 Total liabilities 67.900 Common stock 125,000 Retained earnings 61,700 Total stockholders equity 186,700 Total liabilities & stockholders' equity $254,600 2019 $4,300 5,500 34.200 44,000 215,300 $259,300 $5,900 700 1,500 2,600 50,000 60,700 125,000 73,600 198,600 $259,300 Equipment with an original cost of $35,000 was sold for $20,300. The book value of the equipment was $19,400. On June 1, 2020, the company purchased new equipment for cash at a cost of $17,500 At the end of the year, the company issued bonds payable for $10,000 cash. The bond will mature on December 31, 2024. The company paid $23. 200 in cash dividends for the year. (a1) Your Answer Correct Answer (Used) Calculate the following amounts: a. $ 129.000 b. $ 70,300 Collections from customers Payments to suppliers Payments to employees Payments for operating expenses c $ 18,100 d. $ 28,700 i e Payments for income taxes $ 1.300 Using the direct method, prepare Addison Control's statement of cash flows for 2020. (Show amounts that decrease cash flow with either a-sign, e.g. - 15,000 or in parentheses, e.g. (15,000).) Addison Controls Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities : Collections from customers Payments to suppliers Payments to employees Payments for operating expenses Payments for income taxes Net cash provided by operating activities Payments for income taxes $ Net cash provided by operating activities - Net cash by # activities Net cash activities e $ Payments for income taxes $ Net cash provided by operating : activities Cash, beginning balance Cash flows from operating activities Cash flows from financing activities Cash flows from investing activities Cash, ending balance Change in cash INC + activities Net cash by activities Question 17 of 20 Payments for income taxes Net cash provided by operating activities Payments to employees Purchase of equipment Issue bonds Payments for income taxes Cash dividends on common stock Collections from customers Payments for operating expenses Sale of equipment Payments to suppliers - activities Net cash .by activities 4 . Payments for income taxes $ Net cash provided by operating activities activities Sale of equipment Payments to employees Purchase of equipment Cash dividends on common stock Payments for operating expenses Payments to suppliers Payments for income taxes Collections from customers Issue bonds activities Net cash by 13,133