Balance Sheet as at 31st December 2018

Current Assets $ $ Current Liabilities $ $

Bank 3,554

Accounts Receivable 8,529 Accounts Payable 10,490

Inventory 15,637

Prepaid expenses 2,132 29,852

Non Current Liabilities

0

Non Current Assets

Equipment 49,755 Owners Equity

Accumulated Depreciation (14,215)

35,540 Capital 54,902

Total Assets $ 65,392 Total Liabilities & Owners Equity $ 65,392

Income Statement for the year ended 31^st December 2019

Sales 180,000

Cost of Goods Sold 136,456

Gross profit 43,544

Other expenses (inc depreciation) 24,880

Tax expense 3,000

Interest expense 1,654

29.534

14,010

+ Interest earned and received 2,340

Net Profit after tax $16,350

Balance sheet as at 31st December 2019

Current assets Bank 4,835 Accounts receivable 11 372 Inventory 22 034 Prepaid Expenses 1,421 39,662 Non- current assets Equipment 63,972 Less accum depreciation (18,480) 45,492 Total assets $85,154

Current liabilities Accounts payable 7,108 Non- current liabilities Loan 12,794 Total liabilities 19,902 Owners equity Capital 47,752 Plus profit 17 500 Total owners equity 65,252 Total liabilities and owners equity $85,154

Additional Information

Drawings of $6000 were paid during the year.

Equipment was purchased for cash.

Required: Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings

Balance Sheet as at 31st December 2018 Current Assets Bank Accounts Receivable Inventory Prepaid expenses 3,554 8,529 15,637 2,132 29,852 Current Liabilities Accounts Payable 10,490 Non Current Liabilities 0 Non Current Assets Equipment 49,755 Accumulated Depreciation (14,215) 35,540 Total Assets $ 65,392 Owners' Equity Capital 54,902 Total Liabilities & Owners' Equity $ 65,392 Income Statement for the year ended 31st December 2019 Sales 180,000 Cost of Goods Sold 136,456 Gross profit 43,544 Other expenses (inc depreciation) 24,880 Tax expense 3,000 Interest expense 1.654 29.534 14,010 + Interest earned and received 2.340 Net Profit after tax $16.350 Balance sheet as at 31st December 2019 Current assets Current liabilities Bank 4,835 Accounts payable Accounts receivable 11 372 Inventory 22 034 Prepaid Expenses 1.421 39,662 Non-current liabilities Loan Total liabilities Non-current assets Equipment 63,972 Owners' equity Less accum depreciation (18.480) 45,492 Capital 47,752 Plus profit 17 500 Total owner's equity 7,108 12,794 19,902 65,252 Total assets $85,154 Total liabilities and owners' equity $85,154 Additional Information Drawings of $6000 were paid during the year. Equipment was purchased for cash. Required: Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings