Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me! 8. (15 marks) The comparative balance sheet of a company for the years 2019 and 2020 is given. If the net income
Please help me!
8. (15 marks) The comparative balance sheet of a company for the years 2019 and 2020 is given. If the net income in the year 2020 is $20,000, prepare statement of cash flow for the year 2020. (On right side of the page) 2019 2020 Statement of Cash Flows in 2020 Cash 10,000 14,000 Operating Activities: A/R 13,000 5,000 I Inventory 12,000 9,000 Supplies 3,000 4,000 Total CA 38,000 32,000 Furniture 27,000 28,000 Equipment 128,000 132,000 AC-Dp (25,000) (29,000) Total Long term Assets 130,000 131,000 Net Cash Flows from Operating Activities: $_ Investing Activities: Total Assets 168,000 163,000 Current Uabilities A/P 4,000 5,000 Net Cash Flows from Investing Activities: $ W/P 7,000 8,000 Financing Activities: Total Current Liabilities 11,000 13,000 Long term Liabilities M/P 85,000 75,000 Total Liabilities 96,000 88,000 Stockholders' Equity Net Cash Flows from Financing Activities: S Common Stock 52,000 39,000 Net Cash Flows in 2020: $ Retained Earnings 20,000 36,000 Total SE 72,000 75,000 Cash at the beginning of 2020: $ Cash at the end of 2020 $ Total L + SE 168,000 163,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started