The following represents a condensed version of a firm's current and projected balance sheets, as well as a condensed version

of their projected income statement. From the information given, please prepare a formal Statement of Cash Flows projected for the firm as of December 31, 2020.

2020 2019 2020

Cash $ 2,000 $ 1,600 Sales $100,000

Accts. Receivable 12,000 5,200 CGS 80,000

Inventory 14,000 15,600 Gross Profit 20,000

Total Current Assets 28,000 22,400 Cash Expenses 8,000

Fixed Assets 27,000 20,000 Depreciation 1,600

Accum. Depreciation (16,000) (14,400) Amortization 1,500

Goodwill 20,500 22,000 EBIT 8,900

Total Assets $59,500 $50,000 Less-Interest 900

EBT 8,000

Accounts Payable $ 3,000 $ 2,500 Less Taxes 3,200

Accrued Expense 1,000 1,500 Net Income $ 4,800

Notes Payable - Currently Due 4,000 3,000

Total Current Liabilities 8,000 7,000

Notes Payable Non-Current 7,700 2,000

Common Stock 9,000 9,000

Retained Earnings 34,800 32,000

Total Liabilities & Capital $59,500 $50,000