Question: Please fill out the table that is provided. Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2020. Format cash

 Please fill out the table that is provided. Requirement 3. Prepare

Stylistic's statement of cash flows for the year ended December 31, 2020.

Please fill out the table that is provided.

Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2020. Format cash flows from operating activities by using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O" for zero balances. Round your answers to the nearest whole dollar.) Stylistic Automobiles of Orangeville, Ltd. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation Increase in inventory Increase in accounts payable Increase in salary payable Increase in accounts receivable Net cash provided by (used for) operating activities 440 Transactions equi B1 equi 020 nswd a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2020 rent on a store building In February 2020, Stylistic purchased two cars for inventory on account Cost of this inventory was $80,000 ($40,000 each). Before year-end, Stylistic paid $48,000 of this debt. Stylistic uses the FIFO method to account for inventory During 2020, Stylistic sold eight stylistic autos for a total of $488,000. Before year-end Stylistic collected 80% of this amount The business employs five people. The combined annual payroll is $125,000, of which Stylistic owes $5,000 at year-end. At the end of the year, Stylistic paid income tax of $12,600. Late in 2020 Stylistic declared and paid cash dividends of $17,000 For equipment Stylistic uses the straight-line depreciation method over five years with zero residual value Print Done

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