Note- Do not Give Image Format Otherwise Rejected my question Additional information regarding ICE Drilling's activities during 2020:1. Loss on sale of equipment is $10,280.2. Paid $69,080 to reduce a long-term note payable.3. Equipment costing $99,000, with accumulated depreciation of $57,000, is sold for cash.4. Equipment costing $214,680 is purchased by paying cash of $54,800 and signing a long-term note payable for the balance.5. Borrowed $8,400 by signing a short-term note payable.6. Issued 10,080 common shares for cash at $10 per share.7. Declared and paid cash dividends of $137,960.Other information:a. All sales are credit sales.b. All credits to accounts receivable in the period are receipts from customers.c. Purchases of merchandise are on credit.d. All debits to accounts payable in the period result from payments for merchandise.e. The only decrease in income taxes payable is for payment of taxes.f. The other expenses are paid in advance and are initially debited to Prepaid Expenses.Show Transcribed TextRequired:Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (Listany deduction in cash and cash outflows as negative amounts.)ICE DRILLING INC.Statement of Cash FlowsFor Year Ended December 31, 2020Cash flows from operating activities:Cash received from customersCash paid for merchandise inventoryCash paid for other expensesCash paid for income taxesNet cash inflow from operating activitiesCash flows from investing activities:Cash received from sale of equipmentCash paid for equipmentNet cash outflow from investing activitiesCash flows from financing activities:Cash received from issuing common sharesCash borrowed on current notes payableCash paid on notes payableCash paid for dividendsNet cash outflow from financing activitiesNet decrease in cashCash balance at beginning of 2020Cash balance at end of 2020S$ 1,075,960$(25,960)100,800(69,080)(137,960)$ 1,050,000$$0(106,240)943,760943,760 ICE Drilling Inc.'s balance sheet information and income statement are as follows:ICE Drilling Inc.Income StatementFor Year Ended December 31, 2020SalesCost of goods soldGross profitOperating expenses:Depreciation expenseOther expensesTotal operating expensesProfit from operationsLoss on sale of equipmentProfit before taxesIncome taxesProfitICE Drilling Inc.Comparative Balance Sheet InformationCashAccounts receivableMerchandise inventoryPrepaid expensesEquipmentAccumulated depreciationAccounts payableCurrent notes payable.$ 36,000304,560Notes payableCommon sharesRetained earnings$1,110,400554,000$ 556,400340,560215,84010,280$ 205,56025,960$ 179,600December 31210,000444,800284,64020202019$ 105,680 $ 165,640139,600105,160607, 20011,980356,08071,560193,14016,400559, 60014,000240,40092,560278,0408,000119, 200344,000243,000

A cash flow statement is a type of financial statement that details a company's intake and outflow…

Answered: Note- Do not Give Image Format…

Business

Accounting

Note- Do not Give Image Format Otherwise Rejected my question

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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