Paddleboard Inc. Income Statement For Year Ended December 31, 2020 (000s) $ 700 80 Revenues: Sales...

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Paddleboard Inc. Income Statement For Year Ended December 31, 2020 (000s) $ 700 80 Revenues: Sales Cost of goods sold Other expenses Depreciation expense Total operating expenses Profit from operations Income tax expense Profit Account Cash Receivables Merchandise inventory Property, plant and equipment Accumulated depreciation Investments. Accounts payable Accrued liabilities Bonds payable Common shares Retained earnings Gross Profit Expenses: $3,854 1,806 2,048 780 1,268 608 660 December 31 2020 2019 $2,480 $1,800 2,760 2,040 2,520 3,000 3,000 2,680 1,880 1,800 2,040 2, 200 1,880 1,400 320 480 1,840 2,360 3,000 2,430 3,880 3,250 Paddleboard Inc. Post-Closing Trial Balance (000s) $ Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Adjustments to reconcile net income to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: $ 0 0 0 0 Paddleboard Inc. Income Statement For Year Ended December 31, 2020 (000s) $ 700 80 Revenues: Sales Cost of goods sold Other expenses Depreciation expense Total operating expenses Profit from operations Income tax expense Profit Account Cash Receivables Merchandise inventory Property, plant and equipment Accumulated depreciation Investments. Accounts payable Accrued liabilities Bonds payable Common shares Retained earnings Gross Profit Expenses: $3,854 1,806 2,048 780 1,268 608 660 December 31 2020 2019 $2,480 $1,800 2,760 2,040 2,520 3,000 3,000 2,680 1,880 1,800 2,040 2, 200 1,880 1,400 320 480 1,840 2,360 3,000 2,430 3,880 3,250 Paddleboard Inc. Post-Closing Trial Balance (000s) $ Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Adjustments to reconcile net income to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: $ 0 0 0 0

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