Please do not give solution in image format thanku Kingbird Inc., a greeting card company, had the following statements prepared as of December 31, 2020.CashKINGBIRD INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019Accounts receivableShort-term debt investments (available-for-sale)InventoryPrepaid rentEquipmentAccumulated depreciation-equipmentCopyrightsTotal assetsAccounts payableIncome taxes payableSalaries and wages payableShort-term loans payableLong-term loans payableCommon stock, $10 parContributed capital, common stockRetained earningsTotal liabilities & stockholders' equity12/31/20$6,00062,00035,30040,4005,100153,300(35,300 )46,000$312,800$46,2003,9007,9008,00059,900100,00030,00056,900$312,80012/31/19$7,10050,70017,90059,6003,900131,200(25,100)50,000$295,300$39,7006,1004,00010,10068,300100,00030,00037,100$295,300 KINGBIRD INC.INCOME STATEMENTFOR THE YEAR ENDING DECEMBER 31, 2020Sales revenue$334,625Cost of goods soldGross profitOperating expensesOperating incomeInterest expenseGain on sale of equipmentIncome before taxIncome tax expenseNet incomeAdditional information:1.2.3.4.$11,3002,000174,300160,325118,90041,4259,30032,1256,425$25,700Dividends in the amount of $5,900 were declared and paid during 2020.Depreciation expense and amortization expense are included in operating expenses.No unrealized gains or losses have occurred on the investments during the year.Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2020.Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flowwith either a-sign e.g.-15.000 or in parenthesis e.g. (15,0001)KINGBIRD INC.Statement of Cash Flows

The cash flow statement is one of the basic primary financial statements prepared to show the…

Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign eg-15.000 or in parenthesis eg. (15,0001) KINGBIRD INC.

Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign eg-15.000 or in parenthesis eg. (15,0001) KINGBIRD INC.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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