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Please Show all work! Thank you! The comparative balance sheets of Sarasota Inc. at the beginning and the end of the year 2020 are as
Please Show all work! Thank you!
The comparative balance sheets of Sarasota Inc. at the beginning and the end of the year 2020 are as follows. Jan. 1, 2020 Inc./Dec. Inc. SARASOTA INC. BALANCE SHEETS Dec. 31, 2020 Assets Cash $ 48,220 Accounts receivable 95,670 Equipment 43,670 Less: Accumulated Depreciation-Equipment 21,670 Total $165,890 Liabilities and Stockholders' Equity Accounts payable $ 24,670 Common stock 103,220 Retained earnings 38,000 Total $165,890 $ 16,220 89,450 23,450 11,000 $118,120 $32,000 Inc. 6,220 20,220 Inc. 10,670 Inc. $ 16,450 81,450 20,220 $118,120 8,220 21,770 17,780 Inc. Inc. Inc. Net income of $48,670 was reported, and dividends of $30,890 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SARASOTA INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $Step by Step Solution
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