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Please help Exercise 5-18 The comparative balance sheets of Novak Corporation at the beginning and end of the year 2020 appear below. NOVAK CORPORATION BALANCE
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Exercise 5-18 The comparative balance sheets of Novak Corporation at the beginning and end of the year 2020 appear below. NOVAK CORPORATION BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $22,200 $14,530 $7,670Inc. Accounts receivable 108,200 89,530 18,670Inc. Equipment 41,200 23,530 17,670Inc. Less: Accumulated Depreciation Equipment (17,000) (11,000) 6,000Inc. Total $154,600 $116,590 Liabilities and Stockholders' Equity Accounts payable $22,200 $16,530 5,670Inc. Common stock 102,200 81,530 20,670Inc. Retained earnings 30,200 18,530 11,670Inc. Total $154,600 $116,590 Net income of $46,200 was reported, and dividends of $34,530 were paid in 2020. New equipment was purchased and Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a sign NOVAK CORPORATION Statement of Cash Flows Adjustment to reconcile net income to Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - NOVAK CORPORATION Statement of Cash Flows Adjustment to reconcile net income to V $ ent A V Step by Step Solution
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