Michel Corporation meported the folowing income woment and compatible che, along with transaction data for 2020 Click the con to view the income statement) Click the icon to view the comparative lance sheets) Requirement Use the indirect method to prepare the Operating Avis tection Metal Com's 2020 stament of cash Use the direct method to prepare the Operating Activities section of Michel Corporations 2000 stat cash flow Use parentheses or a minus sign for numbers to be suced and tranet decrease in cash Mitchell Corporation Statement of Cash Flows Year Ended December 31, 2020 Cash flows from operating activities: Ajunents to reconcile net comes neth proded by pegative Choose bom any lot or enter any number in the input lids and the continue to the next Gestion 3 G Mtchell Corporation reported the following income statement and comparative balance shoots, along with transaction data for 2020 HE (Click the icon to view the income statement) (Click the icon to view the comparative balance sheets.) Requirement Use the indirect method to prepare the Operating Activities section of Mitchell Corporation's 2020 statement of cash flows Changes in non-cash operating working capital Net cash provided by used for operating activities Choose from any list or enter any number in the input fields and then continue to the next question II Type here to search G IA 2 of 6 (0 complete) Income Statement statement ent.) Activities se $ 661,000 565,000 pital 96,000 Mitchell Corporation Income Statement Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Salary expenses $ Depreciation expense-equipment Amortization expense patent Rent expense Total. oneratina Aynenses 41,900 6,750 4,000 3,000 55,650 erating activitid Print Done he input field A O 10 Income Statement reported the following income statement to view the income statement.) $ 41.000 thod to prepare the Operating Activities 8.750 4,000 3.000 55.850 mor-cash operating working capital Salary expenses Depreciation expense equipment Amortization expense-patent Rent expense Total operating expenses Income from operations Other items Lots on sale of equipment Income before income tax hoorstene rast income 40.350 7501 30.000 10,980 $ 25,620 cash provided by used for operating active Print Done yet or enter any number in the mput field De here to search - G 5 Comparative Balance Sheet wted the following ew the income st to prepare the Ope Assets 2020 2019 $ sh operating world Mitchell Corporation Comparative Balance Sheets December 31, 2020 and 2019 2020 2019 Liabilities Current Accounts payable $ 47.320 S 3.200 Accredibiles 19.000 22.250 Income tax payable 35,000 30.250 Total current liabilities 7.000 Long-term note payable 108,120 14,700 Bonds payable 0.750 51.250 Shareholders' Equity 36.000 5 6,500 24.000 9.500 10.250 Current Cash and chi equivalents Accounts receive Inventories Prepaid expenses Totalrenos Enumentet 10,250 12.750 81000 45000 43,750 13.000 57.000 . ovided by used to Print Done enter any numbel to search O - G Comparative Balance Sheet arted the following iew the income st s to prepare the Ops Cash and cash equivalents Accounts receivable Inventones 36.000 $ 6.500 10,250 24,000 9.500 10.250 52.750 42.750 ash operating workill TU Accounts payable $ 47 320 $ 3.200 Accrued liabilities 19.000 22.250 Income tax payable 35,000 30,250 Total current les 7.000 9.000 Long-term not payable 108,320 64.700 Bonds payable 00.750 51.250 Shareholders' Equity: 18.000 11,000 Share capital 36.000 4,000 retained earnings Total liabides and 5 223 070 $ 130,950 shareholders' equity 61.000 45.000 Prepaid expenses Total current assos Equipment, net Long-term inwestments Patent not 13.000 57,000 ber 52.000 12,320 15,000 2.200 5223,070 $ 130 950 Total assets rovided by used for Print Done enterary numbel e to search