Golf Universe is a regional and online golf equipment retailer. The company reported the following for the

Question:

Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year:
Purchased a long-term investment for cash, $15,000
Paid cash dividend, $12,000.
Sold equipment for $6,000 cash (cost, $21,000, accumulated depreciation. $15,000).
Issued shares of no-par stock, 500 shares at $12 per share cash.
Net income was $20,200.
Depreciation expense was $3,000.
Its comparative is presented below.

Required:
1. Following supplement C, complete a T-account worksheet to be used to prepare the statement of cash flows for the current year.
2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in properformat.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...