Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GUARANTEED UPVOTE - if you solve this!! a) Prepare the Cash Flow from Operations section of the Cash Flow Statement for the year ended December

GUARANTEED UPVOTE - if you solve this!!

a) Prepare the Cash Flow from Operations section of the Cash Flow Statement for the year ended December 31, 2022.

b) Prepare the Cash Flow from Investing section of the Cash Flow Statement for the year ended December 31, 2022.

based on the information attached in the photo:

image text in transcribed

MASH Inc. Statement of Financial Position as at December 31 , Current assets \begin{tabular}{|r|r|} \hline 2022 & \multicolumn{1}{|c|}{2021} \\ \hline$48,000 & $36,000 \\ \hline 60,000 & 50,000 \\ \hline 95,000 & 101,000 \\ \hline 203,000 & 187,000 \\ \hline 750,000 & 400,000 \\ \hline 1,200,000 & 1,200,000 \\ \hline 400,000 & 350,000 \\ \hline 250,000 & 300,000 \\ \hline110,000 & 100,000 \\ \hline & \\ \hline$1,893,000 \\ \hline \hline \end{tabular} Current liabilities Accounts payable \begin{tabular}{|r|r|} \hline$80,000 & $45,000 \\ \hline 30,000 & - \\ \hline 40,000 & 40,000 \\ \hline 150,000 & 85,000 \\ \hline 440,000 & 480,000 \\ \hline 250,000 & 150,000 \\ \hline 1,053,000 & 922,000 \\ \hline$1,893,000 \\ \hline \hline \end{tabular} MASH Inc. Statement of Income for the year ended December 31 , Sales Cost of goods sold Gross margin \begin{tabular}{r|r|} $1,500,000 & $1,390,000 \\ \hline 900,000 & 764,500 \\ \hline 600,000 & 625,500 \\ \hline \end{tabular} Operating expenses \begin{tabular}{|l|r|r|} \hline Advertising and promotion & 37,000 & 32,200 \\ \hline Bank charges & 1,500 & 1,100 \\ \hline Depreciation (note 1) & 70,000 & 72,000 \\ \hline Insurance & 18,000 & 17,000 \\ \hline Interest & 24,000 & 26,000 \\ \hline Office & 21,000 & 18,000 \\ \hline Repairs and maintenance & 13,500 & 15,000 \\ \hline Telecommunications & 9,000 & 8,800 \\ \hline Utilities & 16,000 & 15,400 \\ \hline & 210,000 & 205,500 \\ \hline ing income & & \\ \hline & 390,000 & 420,000 \\ \hline Lome (expenses) & & \\ \hline Loss on sale of equipment & 25,000 & \\ \hline ome before tax & & \\ \hline tax & 365,000 & 420,000 \\ \hline ome & 55,000 & 63,000 \\ \hline \end{tabular} Note 1 Of the $70,000 depreciation expense, $50,000 relates to the building and $20,000 relates to the equipment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The TL 9000 Guide For Auditors

Authors: Mark Kempf

1st Edition

087389510X, 978-0873895101

More Books

Students also viewed these Accounting questions

Question

What is the purpose of a standard cost sheet?

Answered: 1 week ago

Question

Create a Fishbone diagram with the problem being coal "mine safety

Answered: 1 week ago