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I need to prepare a balance sheet and statement of cash flow with this information. Can anyone help? More Info ary 1 On January 1,
I need to prepare a balance sheet and statement of cash flow with this information. Can anyone help?
More Info ary 1 On January 1, 2016, Antique issued its common stock for $430,000. Early in January, Antique made the following cash payments: a. $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2016 rent on a store building her and all expenses e sta ors, temeIn February, Antique purchased four cars for inventory on account. Cost of this inventory was beruses the first-in, first-out (FIFO) method to account for inventory. During 2016, Antique sold 7 $192,000 ($48,000 each). Before year-end, Antique paid $76,800 of this debt. The company autos for a total of $504,000. Before year-end, it had collected 80% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Antique owes $8,000 at year-end. At the end of the year, Antique paid income tax of $22,000. Late in 2016, Antique declared and paid cash dividends of $14,000. For equipment, Antique uses the straight-line depreciation method, over five years, with zero residual value. er in Print Done Requirement 2. Prepare Antique's balance sheet at December 31, 2016 Antique Motors, Inc Balance Sheet December 31, 2016 Assets Liabilities Current assets: Current liablities: Stockholders equity Property, plant, and equipment: Less: Requirement 3. Prepare Antique's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the direct method. (Use parentheses or a Requirement 3. Prepare Antique's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the direct method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O" for zero balances.) Antique Motors, Ine. Statement of Cash Flows (Direct Method) Year Ended December 31, 2016 Cash flows from operating activities: Cash payments Choose from any list or enter any number in the input fields and then continue to the next Step by Step Solution
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