Question
The following selected information has been provided from Stark Enterprise's financial statements: Beginning Net income 477,858 accounts 31,451 payable Ending Depreciation expense 75,486 accounts 38,184
The following selected information has been provided from Stark Enterprise's financial statements: Beginning Net income 477,858 accounts 31,451 payable Ending Depreciation expense 75,486 accounts 38,184 payable Beginning Purchase of accounts 33,131 426,957 equipment receivable Ending Issue of long- accounts 26.116 161.808 term debt receivable Beginning Issue of shares 19.163 173,753 inventory for cash Ending Issue of shares 17,811 149.325 inventory for land Beginning Repurchase of prepaid 3.173 62,159 issued shares expenses Ending prepaid expenses Sale of long- term 2.339 20.252 investment at cost Ending Issue of long- accounts receivable 26,116 161,808 term debt Beginning Issue of shares 19,163 173,753 inventory for cash Ending Issue of shares 17,811 149,325 inventory for land Beginning Repurchase of prepaid 3,173 62,159 issued shares expenses Sale of long- Ending prepaid expenses term 2,339 20,252 investment at cost Required 1. Prepare Stark Enterprise's Statement of Cash Flows for the year ended December 31, 2020 using the indirect method. Assume the company's cash balance on December 31, 2019 was $10,000. Make sure you show ALL your calculations. Hand write your answer in your rough work. This will be submitted at the end of the test. 2. In the box below. Type in the cash balance for December 31, 2020 you calculated in your cash flow statement above
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