Vespa Company Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $114,930 $75,400 Accounts Receivable $45,900 $28,700 Merchandise Inventory $71,600 $43,000 Total Current Assets $232,430 $147,100 Land $96,000 $102,000 Equipment $99,000 $136,000 Less: Accumulated Depreciation $-46,000 $-60,000 Total Assets $381,430 $325,100 Liabilities and Equity Liabilities Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Equity $40,100 $69,700 $25,300 $25,300 $65,400 $95,000 $126,500 $88,100 $191,900 $183,100 $74,700 $68,700 $114,830, $73,300 $189,530 $142,000 $381,430 $325,100 Notes the company paid cash dividends during 2020 MacBook Air The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Vespa Company Income Statement For the Year Ended December 31, 2020 Sales $388,000 Cost of Goods Sold $252,200 Gross Profit $135,800 Operating Expenses Depreciation Expense $6,000 Other Operating Expenses $28,300 Total Operating Expenses $34,300 Income from Operations $ 101,500 Other Income and Expenses Interest Expense $-6,200 Loss on Sale of Equipment $-7,400 Gain on Sale of Land $6,000 Operating Income before Tax $93,900 Income Tax $28,170 Net Income (Loss) $65 730 Prepare the cash flow statement for December 31, 2020 using the indirect method Do not enter dollar signs or commas in the input boxes Use the negative sign for a decrease in cash Vespa Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Expense Loss on Sale of Equipment Gain on Sale of Land Changes in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Merchandise Inventory Decrease in Accounts Payable Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Issuance of Common Shares Proceeds from Bonds Payable Payment of Dividends Net Cash Provided used by Financing Activities MacBook Air Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Issuance of Common Shares Proceeds from Bonds Payable Payment of Dividends Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year
