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The balance sheet and income statement for Vispara Company are presented below. Vispara Company Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $137,135 $75.900 Accounts Receivable $44 700 $26.800 Merchandise Inventory $80,000 $46,500 Total Current Assets $261,835 $149.200 Land $99,000 $109,000 Equipment $96.000 $131,000 Less: Accumulated Depreciation S-51.000 5-68.000 Total Assets 5405.835 $321.2001 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $39.900 $68.400 Taxes Payable $22.600 $22.600 Total Current Liabilities $62.500 $9,000 Bonds Payable $121.500 $82,400 Total Liabilities $184.000 $173.400 Shareholders' Equity Common Shares $75,900 $63.900 Retained Earnings $145,935 $83.900 Total Shareholders' Equity $221,835 $147,800 Total Liabilities and Equity $405,835 $321.200 Notes: The company paid cash dividends during 2020. The company did not make a bonds payable payment during 2020 The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Vispara Company Income Statement For the Year Ended December 31, 2020 Sales $425.000 Cost of Goods Sold $276.250 Gross Profit $148.750 Operating Expenses Depreciation Expense 56.000 Other Operating Expenses $25.800 Total Operating Expenses $31,800 Income from Operations $116.950 Other Income and Expenses Interest Expense $-5,000 Loss on Sale of Equipment 5-6,800 Gain on Sale of Land $5.900 Operating Income before Tax $111.050 Income Tax $33.315 Net Income (Loss) $77,735 Prepare the cash flow statement for December 31, 2020 using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Vispara Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Expense Loss on Sale of Equipment Gain on Sale of Land Changes in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Merchandise Inventory Decrease in Accounts Payable Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Issuance of Common Shares Proceeds from Bonds Payable Payment of Dividends Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Take me to the text Breakwater Boats sells boating accessories. At the end of 2018, the income statement and comparative balance sheet were prepared as shown below. Breakwater Boats Balance Sheet As at November 30 2018 2017 Assets Current Assets Cash $142.580 $58,700 Accounts Receivable $84.700 $81,400 Merchandise Inventory $216,000 $181,300 Prepaid Expenses $11,100 $11,100 Total Current Assets $454,380 $332.500 Noncurrent Assets Land $0 $43,000 Equipment $338,000 $338,000 Less: Accumulated Depreciation S-26,300 -22.200 Total Noncurrent Assets $311,700 $358,800 Total Assets $766,080 $691,300 Liabilities Current Liabilities Accounts Payable $52,200 $47,200 Notes Payable. Current Portion 56,300 $6,300 Total Current Liabilities $58,500 $53.500 Notes Payable. Long-Term Portion $56,700 $63.000 Total Liabilities $115,200 $116,500 Stockholders' Equity Common Stock $136,000 $136,000 Retained Earnings $514.880 $438.800 Total Stockholders' Equity $650,880 $574.800 Total Liabilities and Equity $766,080 5691.300 Additional Information: During 2018, land was sold for a gain of $7,800. There was no purchase of equipment throughout the year. Breakwater Boats Income Statement For the Year Ended November 30, 2018 Sales 5565.000 Cost of Goods Sold $339,000 Gross Profit $226,000 Operating Expenses Depreciation Expense $4,100 Other Operating Expenses $66,500 Total Operating Expenses $70,600 Income from Operations $155,400 Other Income and Expenses Gain on Sale of Land 57.800 Income before Income Tax $163,200 Income Tax 57120 Net Income $106.080 Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Breakwater Boats Cash Flow Statement For the Year Ended November 30, 2018 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Expense Gain on Sale of Land Changes in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Payment of Notes Payable Payment of Cash Dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year
