Wildhorse Inc.. a greeting card company. had the following statements prepared as of December 31, 2020. Accounts payable $46,200$39,700 Income taxes payable 4,0006,100 Salaries and wages payable 7,9004,000 Short-term loans payable 7,90010,000 Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities \& stockholders' equity $314,00037,100$295,500 WILDHORSE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 \begin{tabular}{lr} Sales revenue & $335,575 \\ Cost of goods sold & 173,200 \\ \cline { 2 - 2 } Gross profit & 162,375 \end{tabular} Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020 . Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020 . 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020 . Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g. 15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.8. 15,000 or in parenthesis e.g. (15,000).) Wildhorse Inc.. a greeting card company. had the following statements prepared as of December 31, 2020. Accounts payable $46,200$39,700 Income taxes payable 4,0006,100 Salaries and wages payable 7,9004,000 Short-term loans payable 7,90010,000 Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities \& stockholders' equity $314,00037,100$295,500 WILDHORSE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 \begin{tabular}{lr} Sales revenue & $335,575 \\ Cost of goods sold & 173,200 \\ \cline { 2 - 2 } Gross profit & 162,375 \end{tabular} Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020 . Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020 . 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020 . Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g. 15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.8. 15,000 or in parenthesis e.g. (15,000).)
