Prepare a formal statement of cash flows for 2020 and identify the major cash inflows and outflows that were generated by the benchmark corporation
 

BENCHMARK CORPORATION 2019 Cash $50,000 Accounts Receivables 200,000 Inventories 450,000 Total Current Assets 700,000 Fixed Assets, Net 300,000 Total Assets $1,000,000 Accounts Payable $140,000 Accruals 50,000 Bank Loan 80,000 Total Current Liabilities 270,000 Long-Term Debt 400,000 Common Stock ($1 par) 50,000 Capital Surplus 200,000 Retained Earnings 80,000 Total Liab. & Equity $1,000,000 - Net Sales Cost of Goods Sold Gross Profit Marketing General & Administrative Depreciation EBIT Interest Earnings Before Taxes Income Taxes (40% rate) Net Income Forecast 2020 $60,000 290,000 570,000 920,000 380,000 $1,300,000 $180,000 70,000 90,000 340,000 550,000 50,000 200,000 160,000 $1,300,000 Forecast 2020 $1,600,000 960.000 $ 640,000 160,000 150,000 55.000 $ 275,000 55.000 220,000 88,000 $ 132,000