The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of year 2020 are as follows. Constantine Cavamanlis Inc. Balance Sheets 7 Assets 31-Dec-20 1-Jan-20 Inc./Dec. B Cash $ 45,000 $ 13,000 $32,000 Inc. 9 Accounts receivable 91,000 88,000 3,000 Inc. 0 Equipment 39,000 22,000 17,000 Inc. 1 Less: Accumulated Depreciation - Equipment 17,000 11,000 6,000 Inc. 12 Total $ 158,000 $ 112,000 13 14 Liabilities and Stockholders' Equity 15 Accounts Payable $ 20,000 $ 16 17 67 Common stock 15,000 5,000 Inc. 18 Retained Earnings Total 100,000 80,000 20,000 Inc. 38,000 17,000 21,000 Inc. 19 $ 158,000 $ 112,000 20 Net income of $44,000 was reported, and dividends of $23,000 were paid in 2020. New Equipment was purchased and none was sold. 24 Instructions: Prepare a statement of cash flows for the year 2020 25 26 27 28 1222223222 Constantin Constantine Cavamanlis Inc. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expenses Increase in accounts receivable Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Purchase of equipment Cash flows from financing activities Issuance of common stock Payment of cash dividends Net cash used by financing activities Net increase in cash Cash at beginning of year 5 Cash at end of year 1 $ $ 44,000 44,000