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Statement of Cash Flows

Camel's Nuts and Bolts reported the following proforma comparative balance sheets for 2020 and 2021 and a proforma income statement for 2021:

Camel purchased new equipment for $150 and sold equipment with a net book value of $20 for $40. Both events were cash transactions. Any dividends declared were paid.

REQUIRED: Use the Indirect Method.

Prepare a Statement of Cash Flows for the year ended December 31, 2021. (You may wish to use the Direct Method results as a guide. This information is provided in the solutions area attached).

Camel's Nuts and Bolts Comparative Balance Sheets At December 31, 2021 and 2020 Description 2021 Cash $170 Accounts receivable=net 190 Inventory 240 Prepaid insurance 20 Total current assets $620 Plant and equipment-net 360 Total assets $980 2020 $120 160 200 40 $520 280 $800 Accounts payable Income tax payable Total current liabilities Long-term debt Capital stock Retained earnings Total liabilities and equity $300 50 $350 150 220 260 $980 $270 40 $310 120 170 200 $800 $1,000 Camel's Nuts and Bolts Income Statement For the year ended December 31, 2021 Sales Operating expenses: Cost of goods sold $600 Depreciation 50 Insurance 30 Loss (gain) on sale of equipment (20) Other expenses 150 Income before tax Provision for income tax Net income (810) $ 190 80 $ 110