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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

Prepare a formal statement of cash flows for 2020 and identify the major cash inflows and outflows that were generated by the benchmark corporation image text in transcribed
BENCHMARK CORPORATION 2019 Forecast 2020 Cash Accounts Receivables Inventories Total Current Assets Fixed Assets, Net Total Assets $50,000 200,000 450.000 700,000 300.000 $1,000,000 $60,000 290,000 570.000 920,000 380,000 $1,300,000 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 $180,000 70,000 90.000 340,000 550,000 50,000 200,000 160.000 $1,300,000 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 $1,600,000 960,000 $ 640,000 160,000 150,000 55.000 $ 275,000 55,000 220,000 88.000 $ 132,000

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