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Help with this two part accounting 1 question The 2018 comparative balance sheet and income statement of Albuquerque Group, Inc. follow. Albuquerque disposed of a
Help with this two part accounting 1 question
The 2018 comparative balance sheet and income statement of Albuquerque Group, Inc. follow. Albuquerque disposed of a plant asset at book value during 2018 Click the icon to viow the comparative balance shoet.) (Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash fows from operating activities by the indirect method. A plant asset was disposed of for were no sales of land, no retrement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Data Table Year Ended December 31, 2018 Balanc 12/31/2017 Transaction Analysis Balance Albuquerque Group, Inc. Income Statement Year Ended December 31, 2018 Panel ABalance Sheet: DEBIT CREDIT 12/31/2018 Cash Accounts Receivable Merchandise Inventory Land Plant Assets 15,300 43.400 93.000 11,000 113,520 19,420 S 256,800 15,000 41,800 96,200 36,300 123,520 (22,120) S 290,700 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: S 440,000 205.100 234,900 $ 76.300 15,100 49,900 Salaries Expense Total Assets Other Operating Expenses Accounts Payable Accrued Liabilities Notos Payable Total Liabilities 26,500 22,800 61,000 110,300 25,400 24,800 50,000 100,200 141,300 Total Operating Expenses Operating Income 93,600 Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) 11,900 (24,700) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 127.400 19.100 S 256,800 136,000 54,500 S290,700 Net Income Before Income Taxes Income Tax Expense Net Income (12,800) 80,800 16,600 S 64,200Step by Step Solution
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