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The comparative statement of financial position for Wildhorse Retailers Ltd. follows: WILDHORSE RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $
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The comparative statement of financial position for Wildhorse Retailers Ltd. follows: WILDHORSE RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 23,000 $ 10,000 Accounts receivable 51,000 39,000 Inventory 167,000 139,000 Furniture 159,000 79,000 Accumulated depreciation (47,000) (27,000) Total assets $ 353,000 $ 240,000 Liabilities and Shareholders' Equity Accounts payable $ 51,000 $ 37,000 Bank loan payable (current portion) 15,000 12,000 Bank loan payable (noncurrent portion) 92,000 65,000 Common shares 63,000 58,000 Retained earnings 132,000 68,000 Total liabilities and shareholders' equity $ 353,000 $ 240,000 Additional information regarding 2021: 1. Net income was $64,000. 2. Depreciation expense was $20,000. Additional information regarding 2021: Depreciation expense was $20,000. 1. Net income was $64,000. 2. 3. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. 4. Common shares were issued during the year and the company did not buy back any shares. 5. During the year, the company did not sell any furniture. Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with eit -15,000 or in parenthesis e.g. (15,000).) WILDHORSE RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 Adjustments to reconcile net income to >
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