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Problem - The comparative balance sheets of XYZ Inc. at the beginning and the end of the year 2021 are as follows.
XYZ INC. Balance Sheets
Assets
Dec. 31, 2021
Jan. 1, 2021
Inc./Dec.
Cash
$45,000
$13,000
$32,000 Inc.
Accounts receivable
91,000
88,000
3,000 Inc.
Equipment
39,000
22,000
17,000 Inc.
Less: Accumulated depreciation-equipment
17,000
11,000
6,000 Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity
Accounts payable
$20,000
$15,000
5,000 Inc.
Common stock
100,000
80,000
20,000 Inc.
Retained earnings
38,000
21,000 Inc.
Net income of $44,000 was reported, and dividends of $23,000 were paid in 2021. New equipment was purchased and none was sold.
Required - Prepare a statement of cash flows for the year 2021.
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