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I need help preparing an statement of cashflow and income statement. 2020 2019 $ $ Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets
I need help preparing an statement of cashflow and income statement.
2020 2019 $ $ Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets 35,445 17,000 25,450 4,000 77,895 23,215 14,000 20,000 4,450 61,665 Equipment Accumulated Depreciation Net Fixed Assets 85,450 (28,000) 57,450 78,000 (24,000) 54,000 Total Assets $ 135,345 115,665 Liabilities & Stockholders' Equity Accounts Payable $ 14,000 Salaries Payable 10,000 Total Current Liabilities 24,000 $ 23,665 8,000 31,665 Mortgage Payable Total Liabilities 47,000 71,000 34,000 65,665 Common Stock Retained Earnings Total Stockholders' Equity 22,000 42,345 64,345 12,000 38,000 50,000 Total Liabilities & Equity 135,345 115,665 Other Information: 1. Net Income for the FYE September 30, 2020 was $24,500 2. During the FYE September 30, 2020 equipment was sold for $5,250 cash. The equipment originally cost $16,000 and had a book value (BV) of $6,300 at the time of sale. 3. The Company took out an additional $100,000 of long-term debt during the year ending in 2020, and then also made principal payments of $87,000 as well during 2020Step by Step Solution
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