Exercise 5-14 The comparative balance sheets of Wildhorse Inc. at the beginning and the end of the year 2020 are as follows. Jan. 1, 2020 Inc./Dec. WILDHORSE INC. BALANCE SHEETS Dec. 31, 2020 Assets Cash $ 48,450 Accounts receivable 95,720 Equipment 43,720 Less: Accumulated Depreciation-Equipment 21,720 Total $ 166,170 Liabilities and Stockholders' Equity Accounts payable $ 24,720 Common stock 103,450 Retained earnings 38,000 Total $166,170 $ 16,450 89,270 23,270 11,000 $ 117,990 $32,000 Inc. 6,450 Inc. 20,450 Inc. 10,720 Inc. $ 16,270 81,270 20,450 $ 117,990 8,450 Inc. 22,180 Inc. 17,550 Inc. Net income of $48,720 was reported, and dividends of $31,170 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).) WILDHORSE INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Depreciation Expense Increase in Accounts Payable Increase in Accounts Payable