• Provide a completed tax worksheet
• Provide a completed tax worksheet Prepare, in good form, the 2020 Statement of Cash Flow for Canary using both Direct and Indirect Method.

Balance Sheet 2020 2019 Current Assets Cash 287,100 453,600 Receiveables 159,000 217,000 Inventory 150,000 129,000 Prepaid Expenses 18,000 27,000 Deferred Tax Asset - Current ? 86,400 Non-Current Assets Deferred Tax Asset - NC ? 41,300 Plant Assets 950,000 900,000 Accumulated Depreciation (190,000) (850,000) Patent 153,000 174,000 Total Assets ? 1, 178,300 Current Liabilitys Account Payable 153,000 168,000 Salaries Payable 25,000 15,000 Rent Payable 14,000 17,000 Dividend Payable 8,000 0 Deferred Tax Liability - Current 73,200 Tax Payable 0 Non-Current Liabilitys Deferred Tax Liability - NC ? 40,000 Advances from Customers 7,000 19,000 Mortgage Payable 50,000 100,000 Common Stock 700,000 400,000 Additional Pain-In Capital - Preferred 120,000 50,000 Retained Earnings 441,225 296, 100 Total Liabilities and Owner's Equity ? 1, 178,300Account of Temporary Taxble Enacted Tax Current Deferred Tax Non-current Deferred Tax Difference Amounts Rate Asset Liability Asset Liability 2020 Receiveables 159,000 40% 63,600 Prepaid Expenses 18,000 40% 7,200 Account Payable 153,000 40% 61,200 Salaries Payable 25,000 40% 10,000 Rent Payable 14,000 40% 5,600 Advances from Customers 7,000 45% 3,150 NOL carryforward to 2021 64,000 40% 25,600 NOL carryforward to 2022 18,000 45% 8,100 Depreciation Reverse in 2022 19,000 45% 8,550 Depreciation Reverse in 2023 104,500 35% 36,575 EB 102,400 70,800 11,250 45,125 BB (86,400) (73,200) (41,300) (40,000) Changes 16,000 (2,400) (30,050) 5,125 Tax Expense 23,375 DTA - Current 16,000 DTL - Current 2,400 DTA - NC 30,050 DTL - NC 5,125 Tax Payable 6,600Year Taxable Income (Loss) Tax Rate 2018 80,000 40% 2019 (170,000) 45% 2020 110,000 30% 2021 80,000 40% 2022 100,000 45% 2023 120,000 35% *No future changes in tax rates are known as of 2023. Income Statement (2020) Sales 1,967,000 COGS (1, 132,500) Gross Profit 834,500 Depreciation Expense (190,000) Patent Amortization Expense (21,000) Salaries Expense (400,000) Other Operating Expenses (95,000) Other Gain and Losses 58,000 Pretax Income 186,500 Tax Expense ? Net Income