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Guci Corporation reported the following comparative balance sheets: Balance Sheets Dec. 31, 2019 Dec. 31, 2020 Cash and cash equivalents $ 4,000 $ 10,750 Accounts
Guci Corporation reported the following comparative balance sheets: Balance Sheets Dec. 31, 2019 Dec. 31, 2020 Cash and cash equivalents $ 4,000 $ 10,750 Accounts receivable 3,000 2,000 10,000 15,000 Equipment Accumulated depreciation Total assets (1,000) (2,000) $ 16,000 $ 25,750 Salaries payable $ 1,000 $ 2,000 Long-term notes payable 5,000 5,000 8,000 8,000 10,750 Capital stock Retained earnings Total liabilities and stockholders' equity Additional information: 2,000 $ 16,000 $ 25,750 1. Net income for the current year was $ 9,750. 2. No disposals of equipment took place during the year. Required: Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method
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