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Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,1ee Accounts receivable, net 19, see InventorAdditional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $20,Please give correct answers

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Answer #1
STATEMENT OF CASH FLOWS
Cash flows from operating activities:
Net income $          21,100
Adjustments to reconcile net income to net cash provided by operations:
Income statement items not affeccting cash:
Depreciation expenses $         14,200
Changes in current operating assets and liabilities:
Decrease in accounts receivable $            4,100
Increase in inventory $        -39,500
Decrease in accounts payable $          -2,900
Decrease in salaries payable $              -200 $        -24,300
Net cash used by operating activities $          -3,200
Cash flows from investing activities:
Purchase of equipment $        -16,700
Net cash used by investing activities $        -16,700
Cash flows from financing activities:
Issues of stock $         20,000
Cash from financing activities $          20,000
Increase in cash during the year $                100
Cash balance at the beginning of the year $          60,000
Cash balance at the end of the year $          60,100
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