Q4. The balance sheets for Charles Company showed the following information. Additional information concerning transactions and events during 2020 are presented below. Charles Company Balance Sheet December 31 2020 (5) 2019 (5) Cash 40,900 10,200 Accounts receivable (net) 38,300 20,300 Inventory 35,000 42,000 Long-term investments 0 15,000 Property, plant & equipment 231,500 150,000 Accumulated depreciation (37.700) (25.000) 308.000 212.500 Accounts payable 17,000 26,500 Accrued liabilities 21,000 17,000 Long-term notes payable 70,000 50,000 Common stock 130,000 90,000 Retained earnings 20.000 29.000 308.000 212,500 Additional data: i. Net income for the year 2020, $66,000. ii. Depreciation on plant assets for the year, $12,700. iii. Sold the long-term investments for $28,000. iv. Paid dividends of $25,000. V. Purchased machinery costing $21,500, paid cash. vi. Purchased machinery and gave a $60,000 long-term note payable. vii. Paid a $40,000 long-term note payable by issuing common stock. Page 2 of 3 Set B Requirements: [Marks: 11+4=15] (a) Prepare a statement of cash flows (using the indirect method) for 2020 for Charles Company. (b) Compute quick ratio and return on asset