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+ Here is below the financial statements for Omar company. Income Statement Sales revenues cost of goods sold 760,500 Operating expenses (excluding depreciation) Depreciation
+ Here is below the financial statements for Omar company. Income Statement Sales revenues cost of goods sold 760,500 Operating expenses (excluding depreciation) Depreciation expenses Loss on disposal of equipment Interest expenses Total operating expenses income before taxes. 225,000 166,500 income tax expense net income Statement of financial Positions 31/12/2019 13.500 4,500 63,000 (472,500) 288,000 (70,500) 217.500 31/12/2018 Assets Cash 82,500 49,500 accounts receivables: 30,000 45,000 inventory 22,500 15,000 prepaid insurance 7,500 1,500 Land 195,000 30,000 Building 240,000 60,000 less: accumulated depreciation- Building (16,500) (7,500) Equipment 40,500 15,000 less: accumulated depreciation- Equipment (4,500) (1,500) total assets 597,000 207,000 Liabilities and stockholders' equity Accounts payable Income tax payable Bonds payable common stock Retained earnings Total liabilities and stockholders' equity Additional Information 1. The company sold equipment for $6,000 cash. 2. A building costing $180,000 was purchased for cash. 3. Equipment costing $37,500 was also purchased for cash. 4. Issued common stock for $30,000 cash 5. The company declared and paid cash dividend 6. Issued $165,000 of long-term bonds in direct exchange for land. You are required to prepare a statement of cash flow using indirect method. Then answer the below questions. 1. How much is the net cash provided by operating activities? 2. How much is the net cash used by investing activities? 3. How much is the net cash used by financing activities? 31/12/2019 31/12/2018 42,000 18,000 9,000 12,000 195,000 30,000 105,000 75,000 246,000 72,000 597,000 207,000
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