Sweet Inc, a greeting card company, had the following statements prepared as of December 31,2020 . Question 7 of 10 5/10 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock. \$10 par Contributed capital, common stock Retained earnings Total liabilities \& stockholders' equity $46,200 4,000 8,100 8,000 60.200 100.000 30,000 \begin{tabular}{r} 55.300 \\ \hline$311.800 \\ \hline \end{tabular} $40,400 6.000 3,900 9,900 69,300 100.000 30,000 36,400 $295,900 Question 7 of 10 SWEETINC. - INCOMESTATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 \begin{tabular}{|c|c|} \hline ales revenue & $335,600 \\ \hline Cost of goods sold & 174,600 \\ \hline Gross profit & 161,000 \\ \hline Operating expenses & 120,700 \\ \hline Operating income & 40,300 \\ \hline Interest expense & \\ \hline Gain on sale of equipment & 9,300 \\ \hline Income before tax & 31,000 \\ \hline Income tax expense & 6,200 \\ \hline Net income & $24,800 \\ \hline \end{tabular} 1. - Dividends in the amount of $5,900 were declared and paid during 2020 . 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2020 . SWEET INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Nct Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Empense \( 5 \longdiv { 2 4 0 6 0 } \) Amortization of Copwight Gain on Ssle of Equipeneht Net Cash Provided by Operating Activities Cash Flows from Investing Activities Ssle of Equipment Purchase of investments Borrowine on Short-Term Loan Cash Flows from imestine Activities Cash Flows trom Finanding Activities Principal Paymenton Shortterm Loan Principal Payment on Short-term Loan Principal Payment on Long-term Loan Dividend Payments. Net Cash Used by Financing Activities Net Decrease in Cash Cashat Beginning of Period Cashat End of Period