Exercise: During the current year, Company X purchased new equipment for 20,000 EUR and no equipment sales were made. No dividends were paid and reserves increased.

Company X Balance sheet, EUR

January 1 December 31

Assets:

Fixed Assets, Net	120,000	110,000
Accounts Receivable	80,000	80,000
Other Receivables	10,000	10,000
Inventory	80,000	85,000
Cash	5,000	10,000
Total Assets	295,000	295,000
Liabilities and Shareholders Equity:
Common Stock	2,000	2,000
Retained Earnings	60,000	60,000
Bank Loans Payable	100,000	90,000
Accounts Payable	120,000	130,000
Other Payables	13,000	13,000
Total Liabilities and SE	295,000	295,000

Prepare a statement of cash flows for Company X for the year