ABC Corp had the following financial data related to the year-end 2018 and 2019. Prepare the...
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ABC Corp had the following financial data related to the year-end 2018 and 2019. Prepare the Statement of Cash Flows, as of December 31, 2019, for ABC Corp. Comparative Balance Sheet Data e Cash Accounts Receivable Inventories Long-term Investments Equipment, net Accounts Payable Income Tax Payable Bonds Payable Common Shares Retained Earnings ABC Corp Balance Sheet December 31 2019 2018 $ 142,740 $ 46,080 126,360 58,800 146,250 123,420 111,800 112,800 286,000 228,600 $813,150 $569,700 $ 130,000 21,450 97,500 260,000 $ 80,760 20,400 132,000 210,000 304,200 $813,150 126,540 $569,700 Income Statement, Dec 31, 2019 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Cash Expenses Interest Expense Income Tax Expense Loss on Sale of Equipment Net Income $ 479,892 161,644 $318,248 58,800 17,374 3,822 10,185 16,800 $211,267 1. There was no gain or loss on the long-term investments sold or the bonds retired. 2. Old equipment was sold during the year for $2,100 cash. 3. New equipment was purchased for $135,100. 4. Dividends were paid during the year*. 5. Additional shares of stock were issued during the year. There were no preferred shares. The number of common shares increased from 50,000 in 2018 to 60,000 in 2019. Dividends Paid = RE beginning +/-Profit or Loss - Dividends Paid = RE ending Where "RE beginning" is the Retained Earnings at December 31, 2018 and "RE ending" is Retained Earnings at December 31, 2019. ABC Corp had the following financial data related to the year-end 2018 and 2019. Prepare the Statement of Cash Flows, as of December 31, 2019, for ABC Corp. Comparative Balance Sheet Data e Cash Accounts Receivable Inventories Long-term Investments Equipment, net Accounts Payable Income Tax Payable Bonds Payable Common Shares Retained Earnings ABC Corp Balance Sheet December 31 2019 2018 $ 142,740 $ 46,080 126,360 58,800 146,250 123,420 111,800 112,800 286,000 228,600 $813,150 $569,700 $ 130,000 21,450 97,500 260,000 $ 80,760 20,400 132,000 210,000 304,200 $813,150 126,540 $569,700 Income Statement, Dec 31, 2019 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Cash Expenses Interest Expense Income Tax Expense Loss on Sale of Equipment Net Income $ 479,892 161,644 $318,248 58,800 17,374 3,822 10,185 16,800 $211,267 1. There was no gain or loss on the long-term investments sold or the bonds retired. 2. Old equipment was sold during the year for $2,100 cash. 3. New equipment was purchased for $135,100. 4. Dividends were paid during the year*. 5. Additional shares of stock were issued during the year. There were no preferred shares. The number of common shares increased from 50,000 in 2018 to 60,000 in 2019. Dividends Paid = RE beginning +/-Profit or Loss - Dividends Paid = RE ending Where "RE beginning" is the Retained Earnings at December 31, 2018 and "RE ending" is Retained Earnings at December 31, 2019.
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