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Question 6 Not checked Take me to the text A simplified balance sheet for Planet Inc. contain the following amounts at the end of 2019 and 2020. Marked out of 14.00 P Flag question Planet Inc. Balance Sheet As at November 30 2020 2019 Assets Current Assets Cash $100 $9,000 Accounts Receivable $18,100 $12,000 Prepaid Expenses $3,000 $1,100 Merchandise Inventory $29,900 $11,700 Total Current Assets $51,100 $33,800 Long-Term Assets Equipment $184,000 $174,000 Less: Accumulated Depreciation $-28,400 $-19,100 Total Long-Term Assets $155,600 $154,900 Total Assets $206,700 $188,700 Liabilities Current Liabilities $19,700 $19,700 Long-Term Liabilities $21,000 $43,000 Total Liabilities $40,700 $62,700 Shareholders' Equity Contributed Capital Preferred Shares $51,000 $51,000 Common Shares $28,000 $8,000 Total Contributed Capital $79,000 $59.000 Retained Earnings $87,000 $67,000 Total Shareholders' Equity $166,000 $126,000 Total Liabilities and Equity 5206,700 $188,700 11003 LEGE AME ENGAGE En Common Shares Total Contributed Capital Retained Earnings Total Shareholders' Equity Total Liabilities and Equity $28,000 $8,000 $79,000 $59,000 $87,000 $67,000 $166,000 $126,000 $206,700 $188,700 Assume current liabilities include only items from operations (eg, accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the Indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the loput boxes, Use the negative sign for a decrease in cash. Pianet inc. Cash Flow Statement For the Year Ended November 30, 2020 Cash Flow from Operations Net Income Adjustments to reconcile Net Income to Cash Depreciation Expense Change in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Prepaid Expenses Increase in Merchandise Inventory Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Repayment of Long-Term Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year