CUMULATIVE PORTION-20 Points (5 MISSING AMOUNTS @ 4 PTS EACH) CORDOVA CORPORATION Statement of Cash Flows For the Year Ended 12/31/2020 Cash Flows from Operating Activities: Collections from Customers C Payments to suppliers (46) Payments of Gen & Admin Expenses (29) Payments of Income Taxes (1) ? Sale of Equipment Net Cash Flows from Operations Cash Flows from Investing Activities: Net Cash Flows from Investing Cash Flows from Financing Activities: Issuance of note payable Payment of Dividends E CORDOVA CORPORATION Income Statement For the Year Ended 12/31/2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses General & Administrative Depreciation Total Operating Expenses Other income: Loss on Sale of Equipment $115 40 75 $25 12 37 (7) 15 Income before Income Taxes 31 D Net Cash Flows from Financing P Income Tax Expense 9 Net Increase in Cash ? Net Income $ 22 CORDOVA CORPORATION Balance Sheet As of 12/31/20 and 12/31/19 2020 2019 Assets: Cash $115 ? ? Solve for the Following: A- Notes Payable 12/31/19 Accounts Receivable 118 125 (7) Inventory B 64 Prepaid Gen & Admin Expenses Property Plant & Equipment ? 10 ? B- Inventory 12/31/20 225 245 (20) Less: Accumulated Depreciation Total Assets (57) ? (55) (2) ? C- Collections from Customers Liabilities & Shareholder Equity Accounts payable to suppliers $ 65 $ 60 $5 Dividends Payable 14 12 Income taxes payable ? 10 Notes Payable 40 A 5222 D- Payment of Dividends comm E- Proceeds from Sale of Equipment Common Stock 246 246 Retained Earnings 107 95 12 23 Total Liabilities & Shareholder Equity