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The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net income for 2020 was $153,200. Depreciation
The current sections of Scoggin Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin's net income for 2020 was $153,200. Depreciation expense was $25,000. 2020 2019 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $107,100 108,300 157,000 26,100 $398,500 $95,400 77,900 171,800 25,100 $370,200 $14,100 85,600 $99,700 $8,900 95,600 $104,500 For the Year Ended December 31, 2020 Cash Flows from Operating Activities : T Net Income J 153,200 Adjustments to reconcile net income to TCash Flows from Operating Activities : T Depreciation Expense ] 25,000 1 Increase in Accounts Receivable 30400 TDecrease in Inventory 14800 T Increase in Prepaid Expenses 1000 | Increase in Accrued Expenses Payable ] Decrease in Accounts Payable :) 10,000 Net Cash Provided by Operating Activities
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