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Going for Broke Limited's 2020 and 2021 balance sheets included the following items: Debits Cash Accounts receivable Merchandise inventory.. Equipment... Totals December 31 2021 2020
Going for Broke Limited's 2020 and 2021 balance sheets included the following items: Debits Cash Accounts receivable Merchandise inventory.. Equipment... Totals December 31 2021 2020 $10,500 $ 4,000 8,000 9,000 21,000 18,000 18,000 15,000 $57,500 $46,000 Credits Accumulated depreciation, equipment Accounts payable Taxes payable Dividends payable Common shares, no-par value. Retained earnings Totals $ 4,000 7,000 1,000 1,500 33,000 11,000 $57,500 $ 3,000 5,000 2,000 0 30,000 6,000 $46,000 Going for Broke Limited's income statement was as follows: Going for Broke Limited Income Statement For the Year Ended December 31, 2021 $61,000 Sales Cost of goods sold Wages and other operating expenses Income taxes expense Depreciation expense Net income $40,000 6,300 4,200 1,500 52.000 $ 9,000 Required Precere the sectement of cash flows in good form for the year ended December 31, 2021 under the indirect method Adcional informazion includes the following 2 Equipmeni cosing $3.500 was purchases during the year. Fully deprecated equipment trait cost 5500 wes scarded and its cost and accumulated depreciabon were removed from the accounts. c Two hundred common shares were sold and issued at $15 per share. o The concery deciared $4.000 of cash dividends and paid $2.500
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