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Please answer this question { Probliems: Set C 59 P17- Presented below are the financial statements ormas Copan TOMAS COMPANY Comparative Balance Sheets 33,000 3
Please answer this question
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Probliems: Set C 59 P17- Presented below are the financial statements ormas Copan TOMAS COMPANY Comparative Balance Sheets 33,000 3 28000 25,000 Cash 2sm0 Merchandise inventory Property, piant, and egoimet Less Aceuulated deprecdiation 0001,000 Thesl Linbatices aned Steckholdery' Equity Accounts payalble Iscome tates payable Boeds payable Common stock Retained eanings 31,000 25,000 25.000 Tota TOMAS COMPANY Income Statement For the Year Ended December 31, 2010 Sales Cost of goods sold Gross pro Selting expenses 9.000 57.000 55.000 Income from operations Interest expense Income before income taxes Income tax expense Net income 7.000 48.000 Additional data: 1. Dividesds of $33,000 were deciared and paid 2 During the year equipment was sold for $10,000 ash. This 0 -7 l/r c and had a book valse of $10,000 at the time of saie All depredation expense, suoeis in the selng tpense at An sales and purchases are on acount. s. Additional equipment was perdased frsmas (a) Prepare a statement of cash fiows sing the indirect methodStep by Step Solution
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