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2. (12 points) Consider these abbreviated financial statements for Tomkat LLC: Income Statement Sales (all credit) Cost of Goods Sold Cash Expenses Depreciation Taxes Net
2. (12 points) Consider these abbreviated financial statements for Tomkat LLC: Income Statement Sales (all credit) Cost of Goods Sold Cash Expenses Depreciation Taxes Net Income 2020 2,000,000 1,360,000 300,000 120,000 120,000 100,000 Balance Sheet Cash Accounts Receivable Inventory Total Current Assets Net Fixed Assets Total Assets 2019 10,000 300,000 410,000 720,000 1,200,000 1,920,000 2020 12,000 320,000 430,000 762,000 1,320,000 2,082,000 Accounts Payable Long Term Debt Owners Equity Total Debt and Equity 44,000 666,000 1,210,000 1,920,000 48,000 724,000 1,310,000 2,082,000 (a) (4 points) Prepare a listing of Tomkat's sources and uses of funds during 2020 (it is not necessary to identify operating vs investment vs financing). The list should begin with Net Income, and total sources less total uses should equal the $2000 increase in the cash balance
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