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Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign
Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 Sales $1,236,000 Cost of goods sold $687,000 Gross profit $549,000 Gen'l & admin expense $157,000 Selling & mkt expense $135,000 Depreciation $25,000 Operating income $232,000 Interest $140,000 Income before taxes $92,000 Income taxes (27%) $24,840 Net income $67,160 Dividends paid $25,000 Assets 2020 2019 Cash $23,000 $16,140 Accounts receivable $123,000 $110,000 Inventory $202,000 $219,000 Total current assets $348,000 $345,140 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $288,000 Net plant and equipment $387,000 $187,000 Total assets $735,000 $532,140 Liabilities Accounts payable $117,000 $102,000 Notes payable $28,000 $28,000 Total current liabilities $145,000 $130,000 Long-term debt $246,000 $151,000 Total liabilities $391,000 $281,000 Common stock ($0.01 par) $4,500 $4,000 Paid-in capital $222,500 $172,300 Retained earnings $117,000 $74,840 Total stockholders' equity $344,000 $251,140 Total liabilities and equity $735,000 $532,140 Statement of Cash Flows 2020 Cash from Operations Net Income/Loss
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