Teal Inc., a greeting card company, had the following statements prepared as of December 31, 2020. TEAL INC. COMPARATIVE

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Teal Inc., a greeting card company, had the following
statements prepared as of December 31, 2020.
TEAL INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019
12/31/20
12/31/19
Cash
$6,000
$6,900
Accounts receivable
62,500
50,900
Short-term debt investments (available-for-sale)
35,200
17,900
Inventory
40,300
59,500
Prepaid rent
4,900
4,100
Equipment
153,100
129,600
Accumulated depreciation—equipment
(35,200
)
(24,700
)
Copyrights
45,600
50,500
Total assets
$312,400
$294,700
Accounts payable
$45,500
$40,000
Income taxes payable
4,000
6,100
Salaries and wages payable
8,000
3,900
Short-term loans payable
8,000
9,900
Long-term loans payable
59,400
68,800
Common stock, $10 par
100,000
100,000
Contributed capital, common stock
30,000
30,000
Retained earnings
57,500
36,000
Total liabilities & stockholders’ equity
$312,400
$294,700
TEAL INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue
$337,300
Cost of goods sold
174,000
Gross profit
163,300
Operating expenses
119,100
Operating income
44,200
Interest expense
$11,600
Gain on sale of equipment
1,900
9,700
Income before tax
34,500
Income tax expense
6,900
Net income
$27,600
Additional information:
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).)