Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Carla Vista Ltd. Comparative Statement of Financial Position December 31 Total assets. 2021 $ 80,100 136,000 80,300 9,400 305,000 (74,800 ) 81,200 $ 617,200 $ 2020 48,000 99,500 121,300 7,100 257,000 (53,900) 99,200 $ 578,200 Liabilities and Shareholders' Equity $ 90,500 7,600 15,300 16,900 Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity $ 617,200 108,000 267,900 111,000 $ 78,800 12,100 7,800 21,300 126,200 267,900 64,100 $578,200 Additional information: 1. Net income for the fiscal year was $52,500. Equipment that cost $40,300 and was 70% depreciated was sold during 2021, for a gain of $3,500. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Carla Vista Ltd. for the purchase of inventory. 2. 3. 4. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts t with either a-sign e.g. -15,000 or in parenthesis e.g[(15,000).)
