The 2020 income statement and the 2020 comparative balance sheet of T-Bar-M Camp Inc. have just been distributed at a meeting of the camps board of directors.

Requirement

1. Prepare a statement of cash flows for 2020 in the format that best shows the relationship between net income and operating cash flow. The company sold no plant and equipment or long-term investments and issued no notes payable during 2020. There were no non-cash investing and financing transactions during the year. Show all amounts in thousands.

I/S (in thousands)

Revenue $436

COGS 221

Salary expense 48

Depreciation expense 57

Interest expense 13

Net Income $97

Comparative B/S (in thousands) 2020 2019

Assets

Cash $17 $63

A/R (net) 72 61

Inventories 194 181

Long term investments 31 0

PP&E 369 259

Accumulated depn (244) (198)

Patents (net) 177 188

Total Assets $616 $554

Liabilities and Shareholders' Equity

AP $63 $56

Accrued liabilities $12 $17

Notes payable, long term 179 264

Common shares 149 61

Retained Earnings 213 156

Total L & SE $616 $554