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Problem 3 The comparative balance sheets for Hamilton Inc. appear below: Dec 31, 2020 Dec. 31, 2019 Assets $29,000 Cash Trade receivables 23,000 6,000 25,000
Problem 3 The comparative balance sheets for Hamilton Inc. appear below: Dec 31, 2020 Dec. 31, 2019 Assets $29,000 Cash Trade receivables 23,000 6,000 25,000 $10,000 14,000 9,000 15,000 23,000 30,000 (14,000 0 57,000 (18000) Prepaid expenses Inventory Lone-term investments Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Trade payables Mortgage notes payable Common shares $122.000 $87.000 $21,000 37,000 40,000 $9,000 45,000 23,000 10.000 $87.000 Retained earnings 24.000 Total liabilities and shareholders' equity $122.000 Additional information: 1. Net income for the year ending December 31, 2020 were $27,000. 2. Cash dividends of $13,000 were declared and paid during the year ended December 31 2020. 3. Long-term investments that had a carrying amount of $23,000 were sold for $18,000 in 2020. Prepare only the cash flow from operating activities for the year ended Dec 31, 2020 using the indirect method
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