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The 2020 comparative balance sheet and income statement of Whitbey Electricity Inc. follows: (Click the icon to view the income statement.) BE! (Click the icon to view the comparative balance sheet.) Whitbey Electricity had no non-cash investing and financing transactions during 2020. During the year, there were no sales of land or plant and equipment, no issuances of notes payable and no repurchase of common shares Required 1. Prepare the 2020 cash flow statement by the indirect method 2. Evaluate the 2020 cash flow for this company Requirement 1. Prepare the 2020 cash flow statement by the indirect method (Use parentheses or a minus sign for numbers to be subtracted or for negative cash flows.) Whitbey Group Inc. Cash Flow Statement For the Year Ended August 31, 2020 Cash flows from operating activities Net income Add (subtract) items that affect net income and cash flow differently Income statement Whitbey Electricity Inc. Income Statement For the Year Ended August 31, 2020 Revenues: Sales revenue $ 4,410,000 23,000 Interest revenue Total revenues 4,433,000 Expenses Cost of goods sold $ 1,960.000 Salaries expense 814,000 Amortization expense 255.000 A mac Income statement 23,000 Interest revenue Total revenues 4,433,000 Expenses: Cost of goods sold $ 1,960,000 Salaries expense 814,000 255,000 Amortization expense Other operating expenses 505,000 Interest expense 256,000 177,000 Income tax expense Total expenses 3,967,000 S 466.000 Net income Comparative balance sheet Whitbey Electricity Inc. Balance Sheet August 31, 2020 and 2019 2020 2019 Current assets Cash and cash equivalents Accounts receivable 55,000||$ 419,000 Interest receivable 7,400 Inventory Prepaid expenses Electrical equipment, net 999,000 21,000 1,009,000 11. non 168,000 431,000 9,600 907,000 38,000 953,000 204.000 Comparative balance sheet Electrical equipment, net 953,000 1,009,000 411,000 Land 204,000 Total assets $ 2,921,400 $ 2.710.600 Current liabilities Accounts payable $ 132,000||$ 191,000 65,000 77,000 Interest payable Salaries payable 71.000 24,000 Lease liabilities 189,000 195,000 Income tax payable 87,000 42,000 Long-term liabilities Notes payable 485.000 650.000 Comparative balance sheet $ 191,000 Accounts payable Interest payable Salarios payable 132,000 $ 65,000 71,000 77,000 24,000 195,000 42,000 Lease liabilities 189,000 87,000 Income tax payable Long-term liabilities Notes payable Shareholders' equity 485,000 650,000 Common shares 1,425,000 467,400 1,245,000 286,600 Retained earnings $ Total liabilities and shareholders' equity 2,921,400 $ 2,710,600 Requirement. Prepare uno 2020 casn now statement by no morrect memod Tuso parentnoses or a minus sign for numbers to be suduractea or Tor negative cash flows.) Whitbay Group Inc. Cash Flow Statement For the Year Ended August 31, 2020 Cash flows from operating activities Net income Add (subtract) items that affect net incomo and cash flow differently Amortization expense Enter any number in the edit fields and then continue to the next question The 2020 comparative balance sheet and income statement of Whitbey Electricity Inc. follows (Click the icon to view the income statement.) (Click the icon to view the comparative balance shee Whitbey Electricity had no non-cash investing and financing transactions during 2020. During the year, there were no sa issuances of notes payable, and no repurchase of common shares. Required 1. Prepare the 2020 cash flow statement by the indirect method. 2. Evaluate the 2020 cash flow for this company Add (subtract) items that affect net income and cash flow differently Amortization expense Decrease in accounts receivable Decrease in interest receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in interest payable Increase in salaries pavable Enter any number in the edit fields and then continue to the next question. The 2020 comparative balance sheet and income statement of Whitbey Electricity Inc. follows: F!! (Click the icon to view the income statement.) (Click the icon to view the comparative balance s Whitbey Electricity had no non-cash investing and financing transactions during 2020. During the year, there were ne issuances of notes payable, and no repurchase of common shares. Required 1. Prepare the 2020 cash flow statement by the indirect method. 2. Evaluate the 2020 cash flow for this company Hicrease veruly Decrease in prepaid expenses Decrease in accounts payable Decrease in interest payable Increase in salaries payable Decrease in lease liabilities Increase in income tax payable Net cash inflow (outflow) from operating activities Cash flows from investing activities Purchase of land Enter any number in the edit fields and then continue to the next question 2. Evaluate the 2020 cash flow for this company S. Increase in income tax payable Net cash inflow (outflow) from operating activities Cash flows from investing activities Purchase of land Purchase of equipment Net cash inflow (outflow) from investing activities Cash flows from financing activities Payment of dividends Payment of notes payable Enter any number in the edit fields and then continue to the next question 2. Evaluate the 20 company Cash flows from financing activities Payment of dividends Payment of notes payable Issuance of common shares Net cash inflow (outflow) from financing activities Net increase (decrease) in cash Cash and cash equivalents, September 1, 2019 Cash and cash equivalents, August 31, 2020 Ronniromont Evaluate the 200 cach flow for this remnan Requirement 2. Evaluate the 2020 cash flow for this company A positive net cash flow from activities conveys a V signal to investors as well as land and equipment Outflows related to activities caused yearly cash flow lo result in a balance. Either V should have been delayed until cash was adequate to cover these outflows. the As long as this is not a the business will endure, however, it will need to be in the years to come Enter any number in the edit fields and then continue to the next