Indirect Method- Preparing a Statement of Cash Flows Calex Inc. reported the following comparative balance sheets. Balance Sheets Dec. 31, 2019 Dec. 31, 2020 Cash and cash equivalents $13,600 $36,550 Accounts receivable 10,200 6,800 Equipment 34,000 51,000 Accumulated depreciation (3,400) (6,800) Total assets $54,400 $87,550 Salaries payable $3,400 $6,800 Long-term notes payable 17,000 17,000 Capital stock 27,200 27,200 Retained earnings 6,800 36,550 Total liabilities and stockholders' equity $54,400 $87,550 Additional information 1. Net income for the current year was $33,150. 2. No disposals of equipment took place during the year. Prepare the statement of cash flows for Calex for the year ended December 31, 2020, using the indirect method to report cash flows from operating activities. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments: Depreciation expense Decrease in accounts receivable Increase in salaries payable Net cash provided by operating activities Cash flows from investing activities Cash paid for acquisition of equipment Net cash used by investing activities Cash flows from financing activities Cash paid for dividends Net cash used by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 $4 %24