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Parol lo Points: 0 The financial statements for Fieldgate Corp. for the year ended December 31, 2020. are as follows: (Click the icon to view the comparative balance sheet) (Click the con to view the income statement.) Click the icon to view the additional data) Required 1. Prepare a cash flow statement for Fieldgate Corp. for the year ended December 31, 2020, using the indirect method. The investment in the money market fund is a cash equivalent 2. Did the company improve its cash position in 2020? Give your reasons. Requirement 1. Prepare a cash dow statement for Fieldgate Corp. for the you ended December 31, 2020, using the vidrect method. The investment in the money market and in a cash subtracted or for negative cash flows) Feldgate Corp Cash Flow Stie For the Year Ended December 31, 2000 Cash flows from operating activities 54500 Add bunch that the income wash Bowdeny Annement DOO Widow loss of good 2000 Increase in conceivable 20000 Decor 526000 0000 Increase in prepad peno 58000 Increase in accounts payable 16000 Ince in solares pays Fieldgate Corp. Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Cash Investment in money market fund Accounts receivable Inventory Prepaid expenses Equipment Less: Accumulated amortization Investment 13,500 $ 18,500 0 46,000 205,000 185,000 296,000 622,000 32,000 23,000 1,765,000 1,690,000 (170,000) (124,000) 200,000 0 104,000 106,000 $ 2,445,500 $ 2,566,500 Goodwill Total assets Liabilities Accounts payable $ 188,000 $ 122,000 Comparative balance sheet - 32.000 1,765,000 (170,000) 200,000 104,000 23,000 1,690,000 (124,000) 0 106,000 4000 2,445,500 $ 2,566,500 2000 20000 26000 188,000 $ 122.000 Prepaid expenses Equipment Less: Accumulated amortization Investment Goodwill Total assets Liabilities Accounts payable Salaries payable Loan payable Total liabilities Shareholders equity Preferred shares Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity -9000 116,000 375,000 100,000 440.000 66000 16000 679,000 662,000 820,000 535,000 411,500 520.000 535.000 849,500 structor 1,766,500 1,904,500 $ 2.445,500 $ 2,566,500 Fieldgate Corp Income Statement For the Year Ended December 31, 2020 Net sales $ 1.600,000 Cost of goods sold 840,000 760.000 Gross margin Operating expenses Selling expenses 366,000 Administrative expenses 234.000 44.500 Interest expense Total operating expenses 544 500 Operating income 115.500 51.000 income taxes 5 54500 Net income Print Done DI 0 2020, using the indirect method. The investment in the money market fund is a ca Additional data Additional information a. The administrative expenses included: Amortization expense on equipment, $114,000 Writedown of goodwill, $2,000 b. Sold equipment for its book value. The equipment cost $505,000 and had been amortized for $68,000 c. Purchased additional equipment in December for $580,000 dissued preferred shares for an investment purchase of $200,000 e Declared and paid cash dividends preferred $232,000. common $270.500 Sold 20,000 preferred shares for 55.00 per share. 9. Paid $109.500 (of which 544.500 was interest) on the loans Print Done acer DUI o