From the information above, prepare a schedule of cash provided by operating activities using the direct method.

The Balance Sheets for Tomahawk, Inc. for the years ending December 31, 2020 and 2019 are shown below: Dec. 31, 2020 Dec 31, 2019 Cash 77,500 29,700 Accounts Receivable 43,000 40,500 Allowance for Doubtful Amounts (1,900) (2,200) Prepaid expenses 4,200 4,600 Inventories 70,500 58,800 Land 50,000 50,000 Buildings 150,000 150,000 Accumulated Depreciation - buildings (12,500) (7,500) Equipment 74,000 74,000 Accumulated depreciation - equipment (48,500) (35,500) Delivery equipment 22,000 29,000 Accumulated depreciation - delivery equip (8,000) (20,500) Patents 12,500 25,000 432,800 395,900 Accounts payable Accrued liabilities Mortgage payable Bonds payable Premium on Bonds Common Stock (S1PV) Additional paid-in capital Retained earnings Less: Treasury Stock Dec. 31, 2020 26,000 7,000 97,360 100,000 4,000 55,000 77,500 85,940 (20,000) 432,800 Dec 31, 2019 29,000 5,900 115,000 0 0 50,000 67,500 128,500 0 395,900 The income statement for 2020 is as follows: Sales Cost of sales Gross profit Operating expenses Loss Gain Net income (Loss) 728,500 (528.760) 199,740 (173,500) (800) 2,000 27.440 The Balance Sheets for Tomahawk, Inc. for the years ending December 31, 2020 and 2019 are shown below: Dec. 31, 2020 Dec 31, 2019 Cash 77,500 29,700 Accounts Receivable 43,000 40,500 Allowance for Doubtful Amounts (1,900) (2,200) Prepaid expenses 4,200 4,600 Inventories 70,500 58,800 Land 50,000 50,000 Buildings 150,000 150,000 Accumulated Depreciation - buildings (12,500) (7,500) Equipment 74,000 74,000 Accumulated depreciation - equipment (48,500) (35,500) Delivery equipment 22,000 29,000 Accumulated depreciation - delivery equip (8,000) (20,500) Patents 12,500 25,000 432,800 395,900 Accounts payable Accrued liabilities Mortgage payable Bonds payable Premium on Bonds Common Stock (S1PV) Additional paid-in capital Retained earnings Less: Treasury Stock Dec. 31, 2020 26,000 7,000 97,360 100,000 4,000 55,000 77,500 85,940 (20,000) 432,800 Dec 31, 2019 29,000 5,900 115,000 0 0 50,000 67,500 128,500 0 395,900 The income statement for 2020 is as follows: Sales Cost of sales Gross profit Operating expenses Loss Gain Net income (Loss) 728,500 (528.760) 199,740 (173,500) (800) 2,000 27.440