Presented below is information from the Balance Sheet for Po…
Presented below is information from the Balance Sheet for Potbelly Corporation as of December 31, 2020. 2020 2019 Change Cash $ 89,000 $ 55,000 34,000 Accounts Receivable 88,000 68,000 20,000 Inventory 167,000 152,000 15,000 Prepaid Expenses 56,000 31,000 25,000 Land 160,000 140,000 20,000 Equipment 246,000 210,000 36,000 Accumulated Depreciation-equipment (73,000) (50,000) (23,000) Buildings 160,000 160,000 – Accumulated Depreciation- Buildings (80,000) (45,000) (35,000) Accounts Payable 46,000 66,000 (20,000) Bonds Payable 355,000 325,000 30,000 Common stock, $1 par 210,000 180,000 30,000 Retained earnings 202,000 150,000 52,000 Additional information: Operating expenses include depreciation expense of $65,000 Land was sold for cash at cost Cash dividends of $38,000 were paid. Net income for 2020 was $90,000. Equipment was purchased for $53,000 cash. In addition, equipment costing $17,000 with an accumulated depreciation balance of 7,000 was sold for $25,000 cash. 30,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $30,000 Bonds were issued for $30,000 throughout the year Prepare the OPERATING SECTION of the statement of cash flow for the year ended December 31, 2020 using the indirect method. YOU DO NOT NEED TO PREPARE A FULL STATEMENT OF CASH FLOW- JUST THE OPERATING SECTION!