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28 marks Prepare a statement of Cash Flows in good form (including any required Notes to the financial statements), using the information provided below: Cashie
28 marks Prepare a statement of Cash Flows in good form (including any required Notes to the financial statements), using the information provided below: Cashie Corporation Income Statement For the Year Ended December 31, 2020 Sales $ 1,807,000 Cost of Goods Sold 632,450 Gross Profit $ 1,174,550 Operating Expenses: Depreciation Expense $ 181,119 Salaries Expense 117,455 Other Expenses 352,365 Total Operating Expenses 650,939 Profit (Loss) from Operations $ 523,611 Other Revenues and Expenses: Gain/(Loss) on Sale of Equipment 636 Profit Before Income Taxes $ 524,247 Income Taxes 78,637 Profit (Loss) $ 445,610 Cashie Corporation Comparative Balance Sheet (simple) December 31 2020 2019 ASSETS: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Equipment Accumulated Depreciation Equipment Total Assets $518,654 $ 229,571 107191 267,978 400,000 340,800 18,432 36,863 1,065,408 608,804 (351,585) (243,522) $1,758,100 $ 1.240,494 LIABILITIES: Accounts Payable Current Notes Payable Notes Payable Total Liabilities 5 90,000 $ 15.507 702, 723 $ 811,330 $ 124,049 18,607 372 148 514 804 EQUITY: Common Shares Retained Earnings Total Equity $ 310,124 S 636,646 $ 946,770 $ 248099 477 591 725 690 Total Liabilities and Equity $1.755,100 $ 1.240 494 ADDITIONAL INFORMATION: a) Assume a normal balance for all balance sheet accounts. b) Paid 148,859 to reduce the long-term note payable c) Equipment which cost $ 182,641 with $ 73,056 accumulated depreciation was sold for a total of $ 110,221 d) Equipment costing $ 639,245 was bought with $ 159,811 paid in cash, and the remaining $479,434 with a long-term note payable e) Issued common shares for proceeds of $ 62,025 cash 4) Declared and paid cash dividends of $ 286,555 Round all amounts to the nearest dollar
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