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The comparative balance sheets of Skysong Inc. at the beginning and the end of the year 2020 are as follows. SKYSONG INC. BALANCE SHEETS Dec.
The comparative balance sheets of Skysong Inc. at the beginning and the end of the year 2020 are as follows. SKYSONG INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 46,130 $ 14,130 $32,000 Inc. Accounts receivable 94,430 90,300 4,130 Inc. Equipment 42,430 24,300 18,130 Inc. Less: Accumulated Depreciation-Equipment 20,430 11,000 9,430 Inc. Total $162,560 $117,730 Liabilities and Stockholders' Equity Accounts payable $ 23,430 $ 17,300 6,130 Inc. Common stock 101,130 82,300 18,830 Inc. Retained earnings 38,000 18,130 19,870 Inc. Total $162,560 $117,730 Net income of $47,430 was reported and dividends of $27,560 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis e.g. (15,000).)
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