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Include explanations please!!! You have been given the following information about net changes in the balance sheet accounts of Lynbrook Securities, Inc. the year ending
Include explanations please!!!
You have been given the following information about net changes in the balance sheet accounts of Lynbrook Securities, Inc. the year ending December 31, 2020: Debits > Credits > Credit by: Debits by: Cash $ 51,000 Accounts Receivable 170,000 Inventory $ 63,000 Prepaid expenses 4,000 Long-term loans to subsidiaries 80,000 Long-term investments 90,000 Plant, Property, and equipment 340,000 Accumulated depreciation 65,000 Accounts payable 48,000 Accrued liabilities 5,000 Income taxes payable 9,000 Bonds payable 200,000 Common stock 120,000 Retained earnings 75,000 $ 660,000 $ 660,000 The following additional information is available about the 2020 activities: a. Net income for the year must be determined from the given data. b. The company sold equipment during the year for $35,000. The equipment originally cost the company $160,000, and it had $145,000 in accumulated depreciation at the time of sale. c. The company declared and paid $10,000 in cash dividends during the year. d. The beginning and ending balances in the plant and Equipment and Accumulated Depreciation accounts are given below: Plant and equipment Accumulated depreciation Beginning $2,850,000 $ 975,000 Ending $3,190,000 $1,040,000 e. The balance in the Cash account at the beginning of the year was $109,000; the balance at the end of the year was $ _? f. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change. Required: Prepare a statement of cash flows (Operating, Investing, and Financing) for the year ending December 31, 2020.(Reminder: continue using Excel, with Excel Formulas, to prepare your solution)Step by Step Solution
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