The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.

Net income of $44,000 was reported, and dividends of $23,000 were paid in 2020. New equipment was purchased and none was sold.

Instructions

Prepare a statement of cash flows for the year 2020.

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Constantine Cavamanlis Inc. Balance Sheets Dec. 31, 2020 Inc./Dec. Assets Jan. 1, 2020 $ 45,000 91,000 $ 13,000 Cash $32,000 Inc. Accounts receivable 88,000 3,000 Inc. Equipment Less: Accumulated depreciation-equipment 39,000 22,000 17,000 Inc. 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity $ 20,000 $ 15,000 Accounts payable 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000