Based on the following information for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ 8,836,351 16,918,496 1,475,769 7,520,299 24,789,005 1,545,308 17.50% + 31.75% - 4.50% - Revenues Gain / (loss) on sales of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income $ 104,558,367 Current assets (275,660) Accounts receivable 104,282,707 Inventory Prepaid expenses 54,370,351 21,957,257 Current liabilities 9,410,253 Accounts payable 85,737,861 Accrued liabilities $ 18.544,846 Income tax payable 5,702,052 1,085,206 4,580,116 8,909,456 995,602 3,785,220 -36.00% - 9.00% + 21.00% + $ $ XYZ, Inc. Statement of Cash Flows Increase in accounts payable Decrease in accounts payable Increase in accounts receivable Decrease in accounts receivable Increase in accrued liabilities Decrease in accrued liabilities Amortization Depreciation Gain on sale of assets Increase in interest payable Decrease in interest payable Increase in inventory Decrease in inventory Loss on sale of assets Net income Net loss Increase in prepaid insurance Decrease in prepaid insurance Increase in prepaid expenses Decrease in prepaid expenses Purchase of assets Sale of assets Sale of common stock Sale of bonds Repayments of bonds Purchase of treasury stock Increase in tax payable Decrease in tax payable Net cash from operations: $ 2. Based on the following information for ABC, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ $ 1,478,125 3,018,750 15,563 1,250,000 3,750,000 15,000 18.25% -19.50% 3.75% + - + Revenues Gain on sale of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income 7,055,398 Current assets 1,050,552 Accounts receivable 8,105,950 Inventory Prepaid expenses 3,809,915 1,693,296 Current liabilities 670,263 Accounts payable 6,173,473 Accrued liabilities 1,932.477 Taxes payable 1,129,313 3,283,385 67,703 1,585,000 2,905,650 76,500 -28.75% 13.00% -11.50% - + - $ $ nvesting and financing activities: Bought new equipment & vehicles Sold land and investments 4,108,557 10,622,807 Sold bonds Sold stock $ 10,000,000 $ 51,469,903 ABC, Inc. Statement of Cash Flows Net cash from investments: 675,881 Net cash from financing: Beginning cash from prior year. Total net cash generated: Cash flows: Net cash from operations: $ $ 675,881