View Policies Current Attempt in Progress The comparative balance sheets of Cullumber Inc. at the beginning and the end of the year 2020 are as follows. CULLUMBER INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $46,260 $14,260 $32,000 Inc.. Accounts receivable 94,980 90,720 4,260 Inc. Equipment 42,980 24,720 18,260 Inc. Less: Accumulated Depreciation-Equipment 20,980 11,000 9.980 Inc. Total $163,240 $118,700 Liabilities and Stockholders' Equity Accounts payable $ 23,980 $ 17,720 6,260 Inc. Common stock 101,260 82,720 18,540 Inc. Retained earnings 38,000 18,260 19,740 Inc. Total $163,240 $118,700 Net income of $47,980 was reported, and dividends of $28,240 were paid in 2020. New equipment was purchased and none v Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e.g. (15,000)) CULLUMBER INC. Statement of Cash Flows Adjustments to reconcile net income to > < < >