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need whooe statement of cash flow indirect method Question 2 of 7 > Skysong Inc, a greeting card company had the following statements prepared as
need whooe statement of cash flow indirect method
Question 2 of 7 > Skysong Inc, a greeting card company had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,000 $7.100 61,400 51,500 34,600 18,000 40,300 60,200 4,900 4,000 Accounts receivable Short-term debt investments (available for sale) Inventory Prepaid rent Equipment Accumulated depreciation equipment Copyrights Total assets 152,400 130,600 (34,800) (25.200) 45.700 49,800 $310,500 $296,000 Accounts payable $46.100 $40,300 Income taxes payable 4.000 6,000 7.900 4.000 8,100 10,000 59.700 69.600 Salaries and wages payable Short-term loans payable Long-term loans payable Common stock $10 par Contributed capital common stock Retained earnings Total liabilities & stockholders' equity 100.000 100,000 30.000 30,000 54 700 36.100 $310,500 $296.000 SKYSONG INC. INCOME STATEMENT MacBook SKYSONG INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $333,450 Cost of goods sold 174 300 Gross profit 159.150 Operating expenses 118,800 Operating income 40,350 Interest expense $11.600 Gain on sale of equipment 2.000 9,600 Income before tax 30.750 Income tax expense 6,150 Net income $24,600 Additional information 1. 2 Dividends in the amount of $6,000 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2020, 3 4 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with -15,000 or in parenthesis es. (15,000).) SKYSONG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities
need whooe statement of cash flow indirect method
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