Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3-12. (Working with a statement of cash flows) Prepare a statement of cash flows for Abrahams Manufacturing Company for the year ended December 31, 2015.
3-12. (Working with a statement of cash flows) Prepare a statement of cash flows for Abrahams Manufacturing Company for the year ended December 31, 2015. Interpret your results. ucation Abrahams Manufacturing Company Balance Sheet for 12/31/2014 and 12/31/2015 2014 2015 Cash $ 89,000 $100,000 Accounts receivable 64,000 70,000 Inventory 112,000 100,000 Prepaid expenses 10,000 10,000 Total current assets 275,000 280,000 Gross plant and equipment 238,000 311,000 Accumulated depreciation (40,000) (66,000) Total assets $473,000 $525,000 Accounts payable Accrued liabilities Total current debt Mortgage payable Preferred stock Common stock Retained earnings Total debt and equity $ 85,000 68,000 153,000 70,000 0 205,000 45,000 $473,000 $90,000 63,000 153,000 0 120,000 205,000 47,000 $525,000 Type here to search o
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started