Take me to the text Rancho Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Rancho Foods International Balance Sheet As at June 30 2020 2019 Assets Current Assets Cash Accounts Receivable Food & Beverage Inventory Prepaid Expenses Total Current Assets $467,125 $123,600 $230,300 $258,200 $506,800 $455,200 $21,300 $21,300 $1,225,525 $858,300 Long-Term Assets Land Equipment Accumulated Depreciation Total Long-Term Assets Total Assets $0 $ 21,900 $341,100 $341,100 $-106,800 $-99,500 $234,300 $263,500 $1,459,825 $1,121,800 Liabilities Current Liabilities Accounts Payable $318,200 $323,600 Notes Payable, Current Portion $32,100 $19,300 Total Current Liabilities $350,300 $342,900 Notes Payable, Long-Term Portion $ 205,900 $182,800 Total Liabilities $556,200 $525,700 Shareholders' Equity Common Shares $292,000 $254,000 Retained Earnings $611,625 $342,100 Total Shareholders' Equity $903,625 $596,100 Total Liabilities and Equity $1,459,825 $1,121,800 Additional Information: During 2020, land was sold for a loss of $4,200. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Rancho Foods International Income Statement For the Year Ended June 30, 2020 Revenue $2,933,000 Cost of Sales $1,759,800 Gross Profit $1,173,200 Operating Expenses Depreciation Expense $7,300 Other Operating Expenses $669,200 Total Operating Expenses $676,500 Income from Operations $496,700 Other Income and Expenses Loss on Sale of Land $-4,200 Income before Income Tax $492,500 Income Tax $172,375 Net Income $320,125 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. Rancho Foods International Cash Flow Statement For the Year Ended June 30, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Loss on Sale of Land Change in Current Assets and Current Liabilities Decrease in Accounts Receivable Increase in Food & Beverage Inventory Decrease 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 Proceeds from Notes Payable Payment of Cash Dividend Issue of Common Shares 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
