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PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22,000 $35,000 Accounts receivable 122,000 54,900 Inventory 227,000 201,000 Land 91,000 119,000 Equipment 261,000 218,000 Accumulated depreciation-equipment (69,200) (43,400) Total $653,800 $584,500 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total $52,900 182,200 220,000 198,700 $653,800 $59,600 223,200 179,000 122,700 $584,500 Additional information: 1. 2. 3. Net income for the fiscal year ending December 31, 2020, was $146.000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3.000. No equipment was sold during the year. 4. 5. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign PINA COLADA INDUSTRIES INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Year Payment of Cash Dividends $ 35,000 to ities: $ 146,000 -3,000 Loss on Disposal of Land Increase in Accounts Receivable Proceeds from Sale of Land Decrease in Accounts Payable Decrease in Accounts Receivable Payment of Cash Dividends Purchase of Equipment Depreciation Expense Gain on Disposal of Land Net Income /(Loss) Increase in Accounts Payable Increase in Inventory Decrease in Inventory 25,800 -26,000 -67,100 69,000 Cash Flows from Operating Activities 104,000 Cash Flows from Investing Activities Proceeds from Sale of Land 31,000 Purchase of Equipment -43,000 Net Cash Provided by Investing Activities - 12,000 Cash Flows from Financing Activities Payment of Cash Dividends 70,000 PINA COLADA INDUSTRIES INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Year Payment of Cash Dividends 35,000 Adjustments to reconcile net income to net cash provided by operating activities: Net Income /(Loss) $ 146,000 -3,000 25,800 -26,000 Decrease in Inventory Decrease in Accounts Receivable Increase in Inventory Proceeds from Sale of Land Increase in Accounts Payable Gain on Disposal of Land Payment of Cash Dividends Depreciation Expense Loss on Disposal of Land Purchase of Equipment Increase in Accounts Receivable Net Income / (Loss) Decrease in Accounts Payable Cash Flows from Investing Activities -67,100 69,000 > 104,000 Proceeds from Sale of Land 31,000 Purchase of Equipment -43,000 Net Cash Provided by Investing Activities - 12,000 Cash Flows from Financing Activities Payment of Cash Dividends 70,000 Net Cash Used by Investing Activities 58,000 Net Increase in Cash