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Income Statement For the year Ended December 31, 2020 Sales Cost of Goods Sold $...

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Accounting

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Income Statement For the year Ended December 31, 2020 Sales Cost of Goods Sold $ 390,000 235,000 Gross Profit $ 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense $.620.000 14,000 26,000 17,000 120,000 Net Income $125.000 Terry Company Balance Sheets Dec. 1 Dec 31, 2019 2020 Assets Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation $16.000 28,000 110,000 $ 30,000 35,000 84.000 8.000 130,000 12,000 178,000 (76,000) Total Assets $ 268,000 $ 225,000 I Liabilities and Stockholders' Equity Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earnings $127.000 6,000 3,000 135,000 $ 14,000 2.500 4.500 125,000 79.000 97.000 Total Liabilities and $ 268,000 $225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Piant assets of S48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was issued for cash REQUIRED Prepare only the Cash Flows from Operation section of the Cash Flow Statement using the indirect method

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