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Question 16 Comparative balance sheet accounts of Culver Company are presented below. CULVER COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances 2020 2019 Cash $69,800 $51,500 Accounts Receivable 155,600 129,300 Inventory 75,700 61,100 Debt investments (available-for-sale) 54,600 85,500 Equipment 69,300 48,300 Buildings 144,800 144,800 Land 39,600 25,300 Totals $609,400 $545,800 Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals $10,000 20,900 36,900 65,400 11,800 62,000 310,000 92,400 $609,400 $8,100 14,100 28,000 60,000 9,900 70,000 260,000 95,700 $545,800 Additional data: 1. Equipment that cost $10,000 and was 50% depreciated was sold in 2020. 2. Cash dividends were declared and paid during the year. 3. Common stock was issued in exchange for land. 4. Investments that cost $34,900 were sold during the year. 5. There were no write-offs of uncollectible accounts during the year. Culver's 2020 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes $954,500 603,300 351,200 251,500 99,700 $14,900 (2,900 ) 12,000 111,700 Income taxes 45 nnn Accounts Receivable Inventory Debt investments (available-for-sale) Equipment Buildings Land 155,600 75,700 54,600 69,300 144,800 39,600 $609,400 129,300 61,100 85,500 48,300 144,800 25,300 $545,800 Totals Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals $10,000 20,900 36,900 65,400 11,800 62,000 310,000 92,400 $609,400 $8,100 14,100 28,000 60,000 9,900 70,000 260,000 95,700 $545,800 Additional data: 1. Equipment that cost $10,000 and was 60% depreciated was sold in 2020. 2. Cash dividends were declared and paid during the year. 3. Common stock was issued in exchange for land. 4. Investments that cost $34,900 were sold during the year. 5. There were no write-offs of uncollectible accounts during the year. Culver's 2020 income statement is as follows. $954,500 603,300 351,200 251,500 99,700 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $14,900 (2,900 ) 12,000 111,700 45,000 $66,700 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Net cash flow from operating activities (b) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULVER COMPANY Statement of Cash Flows Adjustments to reconcile net income to $