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The comparative balance sheets of Metlock Inc. at the beginning and the end of the year 2020 are as follows. METLOCK INC. BALANCE SHEETS Dec.
The comparative balance sheets of Metlock Inc. at the beginning and the end of the year 2020 are as follows.
METLOCK INC. BALANCE SHEETS | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | Jan. 1, 2020 | Inc./Dec. | |||||||||
Assets | |||||||||||
Cash | $ 47,720 | $ 15,720 | $32,000 | Inc. | |||||||
Accounts receivable | 95,830 | 90,110 | 5,720 | Inc. | |||||||
Equipment | 43,830 | 24,110 | 19,720 | Inc. | |||||||
Less: Accumulated Depreciation-Equipment | 21,830 | 11,000 | 10,830 | Inc. | |||||||
Total | $165,550 | $118,940 | |||||||||
Liabilities and Stockholders Equity | |||||||||||
Accounts payable | $ 24,830 | $ 17,110 | 7,720 | Inc. | |||||||
Common stock | 102,720 | 82,110 | 20,610 | Inc. | |||||||
Retained earnings | 38,000 | 19,720 | 18,280 | Inc. | |||||||
Total | $165,550 | $118,940 |
Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020.
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