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4. Use the following Comparative Balance sheet and Income Statement to prepare the CASH FLOWS FROM OPERATING ACTIVITIES SECTION OF THE CASH FLOW STATEMENT for See You in Spring Company for December 31, 2020. 25 points See You in Spring Company Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Merchandise Inventory Office Supplies Long Term Assets: Building Accumulated Depreciation - Building Land Total Assets $32,000 84,000 35,000 $21,000 102,000 24,000 $80,000 (10,000) 100,000 $321,000 $80,000 (5000) $80,000 $302,000 Liabilities $27,000 16,500 $34,600 12,200 Current Liabilities Accounts payable Salaries Payable Long Term Liabilities Notes Payable Total Liabilities 80,000 $123,500 95,000 $141,800 Stockholders' Equity Common Stock, No Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $75,000 122,500 $197,500 $321,000 $75,000 85,200 $160,200 $302,000 $ 185,000 (59,000 126,000 See You in Spring Company Income Statement Year Ended December 31, 2020 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense $5,800 Depreciation Expense-Building 5,000 Other Operating Expenses 7,400 Total Operating Expenses Operating Income Other Revenues and (Expenses): Interest Revenue $3,400 Interest Expense (2,200) Total Other Revenues and (Expenses) Net Income Before Taxes Income Tax Expense Net Income ($18,200) $107,800 1,200 $109,000 ($ 7,500) $ 101,500

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