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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