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Exercise 5-14 The comparative balance sheets of Sunland Inc, at the beginning and the end of the year 2020 are as follows. Jan 1, 2020
Exercise 5-14 The comparative balance sheets of Sunland Inc, at the beginning and the end of the year 2020 are as follows. Jan 1, 2020 Inc./Dec. SUNLAND INC. BALANCE SHEETS Dec. 31, 2020 Assets Cash $ 48,040 Accounts receivable 95,250 Equipment 43,250 Less: Accumulated Depreciation-Equipment 21,250 Total $165,290 Liabilities and Stockholders' Equity Accounts payable $ 24,250 Common stock 103,040 Retained earnings 38,000 Total $165,290 $ 16,040 89,210 23,210 11,000 $117,460 $32,000 Inc. 6,040 Inc. 20,040 Inc. 10,250 Inc. $ 16,210 81,210 20,040 $117,460 8,040 Inc. 21,830 Inc. 17,960 Inc. Net income of $48,250 was reported, and dividends of $30,290 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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