The comparative balance sheets of Teal Inc. at the beginning and the end of the...
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Accounting
The comparative balance sheets of Teal Inc. at the beginning and the end of the year 2020 are as follows.
TEAL INC. BALANCE SHEETS
Dec.31,2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 47,080
$ 15,080
$32,000
Inc.
Accounts receivable
95,260
90,180
5,080
Inc.
Equipment
43,260
24,180
19,080
Inc.
Less: Accumulated Depreciation-Equipment
21,260
11,000
10,260
Inc.
Total
$164,340
$118,440
Liabilities and Stockholders Equity
Accounts payable
$ 24,260
$ 17,180
7,080
Inc.
Common stock
102,080
82,180
19,900
Inc.
Retained earnings
38,000
19,080
18,920
Inc.
Total
$164,340
$118,440
Net income of $48,260 was reported, and dividends of $29,340 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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