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need help with accounting assignment Denver, Inc. has prepared the following comparative balance sheets for 20x0 and 20x1: 20x1 20x0 Cash 75,000 51,000 A/R 48,000

need help with accounting assignment

Denver, Inc. has prepared the following comparative balance sheets for 20x0 and 20x1:

20x1 20x0

Cash 75,000 51,000

A/R 48,000 39,000

Inventory 54,000 60,000

Prepaid Expense 6,000 9,000

Building 440,000 350,000

Accum. Depr. (145,000) (125,000)

Copyright 51,000 58,000

A/P 51,000 56,000

Accrued Liabilities 18,000 14,000

Mortgage Payable - 150,000

Preferred Stock 175,000 -

PCIEP Pref. 30,000 -

Common Stock 200,000 200,000

R/E 55,000 22,000

  1. The R/E account has been charged for dividends of $54,000 and credited for the net income for the year.
  2. The income statement for 20x1 is as follows:

Sales 660,000

Cost of sales 363,000

Gross profit 297,000

Operating expenses 210,000

Net income 87,000

From the information above, prepare a statement of cash flows (operating, investing and financing activities) for the year ended December 31, 20x1. Use the indirect method for the operating activities.

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