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LEBRONS SPORTS SHOP COMPARATIVE BALANCE SHEETS AS AT DECEMBER 31 2020 2019 $ $ Current Assets Cash at Bank 1 500 5 200 Accounts Receivable (net) 5 040 4 260 Interest Receivable Inventory 160 20 000 240 18 000 Prepaid Expenses 1 650 $28 350 800 $28 500 Non-Current Assets Plant & Equipment 74 000 64 000 less Acc. Depreciation (23 000) 51 000 (17 600) 46 400 Total Assets 79 350 74 900 Current Liabilities Accounts Payable 3 800 3 500 Interest Payable Expenses Payable 200 780 300 790 Tax Payable 720 5 500 1 200 5 790 Non-Current Liabilities Bank Loan 25 660 20 000 Total Liabilities 31 160 25 790 Net Assets $48 190 $49 110 Equity Capital 48 190 49 110 $48 190 $49 110

LEBRONS SPORTS SHOP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 2020 Net Sales $92 400 Cost of Sales $54 200 less Discount Received 400 53 800 Gross Profit: 38 600 Other Revenue: Interest Income 760 760 39 360 Expenses: Selling & Admin Expense 19 000 Bad Debts Expense 200 Discount Allowed Depreciation Expense 100 5 400 Interest Expense 2 400 27 100 Profit before tax 12 260 Income tax expense 3 378 Profit $8 882

ADDITIONAL INFORMATION

The owner contributed $16,000 cash during the year. All drawings were for cash.

Required

Complete the cash flow statement on page 4 of this document. Please show your calculations on page 5 of the document. You can take a photo of your calculations if you do them by hand and then insert the photo into this document, but I want to see your calculations as well as your answers to both questions

For the Year ended 31^stDecember 2020

Cash from Operating Activities	$	$
Receipts from Customers
Payments to Suppliers and Employees
Cash from Operations
Interest Received
Interest Paid
Tax Paid
Cash from Operating Activities

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