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E5.14(LO3)(Preparation of a Statement of Cash Flows) The comparative statements of financial position of Lopez...

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Accounting

E5.14(LO3)(Preparation of a Statement of Cash Flows) The comparative statements of financial position of Lopez Inc. at the beginning and the end of the year 2019 appear as follows.Lopez Inc.Statements of Financial PositionAssets Dec. 31, 2019Jan. 1, 2019Inc./Dec.Equipment $ 39,000 $ 22,000 $17,000 Inc.Less: Accumulated depreciationequipment (17,000) (11,000) 6,000 Inc.Accounts receivable 91,000 88,000 3,000 Inc.Cash 45,000 13,000 32,000 Inc. Total $158,000 $112,000 Equity and LiabilitiesShare capitalordinary $100,000 $ 80,000 20,000 Inc.Retained earnings 38,000 17,000 21,000 Inc.Accounts payable 20,000 15,000 5,000 Inc. Total $158,000$112,000Net income of $34,000 was reported, and dividends of $13,000 were paid in 2019. New equipment was purchased and none was sold

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