Prepare the Cash Flow Statement for Tor's Party \& Rental for the year-ended December 31,2020 Use the followina partial Adiusted Trial Balance for the vear ended December 31. 2019 d. Prepare the company's Statement of Cash Flows using the Direct Method and the information provided above along with your financial statements. TOR'S PARTY \& RENTAL STATEMENT OF CASH FLOW Year Ended December 31st, 2020 BALANCE SHEET Year Ended December 31st, 2020 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Prepaid Advertising 365,620 Property, Plant \& Equipment Liabilities Current Liabilities Total Liabilities 477,962 HARE HOLDERS/OWNER'S EQUIT Common Shares Retained Earnings 35,000 Total shareholder's Equity 76,758 Total share Holder's equity\& Liabilities 111,758 589,720 TOR'S PARTY \& RENTAL Retained Earnings Statement Year Ended December 31st, 2020 Opening Balance Retained Earnings Profit of the Year Less: Dividends \begin{tabular}{r} 42,300 \\ 36,458 \\ \hline 78,758 \\ 2,000 \end{tabular} Closing Balance Retained Earnings 76,758 TOR'S PARTY \& RENTAL INCOME STATEMENT Year Ended December 31st, 2020 Sales Revenue Room Rental Revenue Total Revenue 1036000430001079000 Cost of Goods Sold a Operating Expenses \begin{tabular}{lrl} \hline Hydro Expense & 85000 \\ Telephone Expense & 23000 \\ Salary Expense & 330000 \\ Insurance Expense & 11380 \\ Supplies Expense & 8300 \\ Advertising Expense & 3200 & \\ Depreciation Expense (all Assets) & 15800 & \\ Miscellaneous Expense & 21000 & \\ Legal Expense & 800 & 498,480 \\ \cline { 2 - 3 } & \end{tabular} Gross Profit from operating expenses 78,520 other expenses Interest Expense 15,062 Profit Before income tax expense 63,458 Income Tax Expense 27,000 Profit of the Year 36,458