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Paddieboard inc. began operations on January 1, 2019. its post-ciosing trial bolance at December 31, 2019 and 2020 , is shown below along with some
Paddieboard inc. began operations on January 1, 2019. its post-ciosing trial bolance at December 31, 2019 and 2020 , is shown below along with some other information. Other infomation regarding Paddleboard lnc. and its activites during 2020: 1. Assume all accounts have normal baiances. 2. Cash dividends were declared and pald during the year. 3. There were no sales of property, plant, and equlpenent assets during the yeat, 4. Investments were sold for cash at their original cost Other information: a. All accounts paryable balances result from merchandise purchases. b. Allkales are credil sales. c. Ali credits to accounts receivable ore receipts from customers. d. All dobits to accounts payable resuit from payments for merchandse. 9. All other cxpenses are cash experses. Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities, fist any deduction in cash and cash outflows as negative amounts. Fnter amounts in thousandi, not in dollar.)
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