Paddleboard Inc, began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Paddleboard Inc. Income Statement For Year Ended December 31, 2020 (ees) Revenues : Sales Cost of goods sold Gross Profit Expenses: Other expenses $ 840 Depreciation expense 120 Total operating expenses Profit from operations Income tax expense Profit $ 3,824 1,576 2,248 960 1,288 288 $1,000 Paddleboard Inc. Post-Closing Trial Balance (028) December 31 2020 2019 $3,200 $1,600 Account Cash Puer 1 of 10 !!! Next > Paddleboard Inc. Post-Closing Trial Balance (2005) Account Cash Receivables Merchandise inventory Property, plant and equipment Accumulated depreciation Investments Accounts payable Accrued liabilities Bonds payable Common shares Retained earnings December 31 2020 2019 $3,280 $1,880 2,830 2,120 2,600 3,170 3,080 2,760 1,960 1,840 2,120 2,280 1,960 1,480 320 480 2,630 2,800 3,080 2,530 3,960 3,080 Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. PADDLEBOARD Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Profit $ 1,000 Adjustments to reconcile net income to net cash inflows from operating activities: Depreciation expense Increase in receivables Decrease in merchandise inventory Increase in accounts payable Decrease in accrued liabilities 120 710 (570) 480 (160) S 1,580 Net cash Inflow from operating activities Cash flows from investing activities: Receipt from sale of investment Payment for purchase of property, plant and equipment Receipt from issuing common shares $ 160 (320) 550 > 15 1,580 S 160 Net cash inflow from operating activities Cash flows from investing activities: Receipt from sale of investment Payment for purchase of property, plant and equipment Receipt from issuing common shares Net cash outflow from investing activities Cash flows from financing activities Payment to retire bonds payable Payment of cash dividends llo (320) 550 390 s 170 X >> x x 120 290 S Net cash inflow from financing activities Net increase in cash Cash at beginning of year Cash at end of year OOOO 1,320 X 1,880 xls 8 $ 3,200