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The comparative balance sheets of Teal Inc. at the beginning and the end of the year 2020 are as follows. TEAL INC. BALANCE SHEETS Dec.

The comparative balance sheets of Teal Inc. at the beginning and the end of the year 2020 are as follows.

TEAL INC. BALANCE SHEETS

Dec. 31, 2020

Jan. 1, 2020

Inc./Dec.

Assets

Cash

$ 47,500 $ 15,500 $32,000 Inc.

Accounts receivable

95,400 89,900 5,500 Inc.

Equipment

43,400 23,900 19,500 Inc.

Less: Accumulated Depreciation-Equipment

21,400 11,000 10,400 Inc.

Total

$164,900 $118,300

Liabilities and Stockholders Equity

Accounts payable

$ 24,400 $ 16,900 7,500 Inc.

Common stock

102,500 81,900 20,600 Inc.

Retained earnings

38,000 19,500 18,500 Inc.

Total

$164,900 $118,300

Net income of $48,400 was reported, and dividends of $29,900 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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TEAL INC. Statement of Cash Flows Adjustments to reconcile net income to

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