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Please help with the above accounting question! Will give good rating, thanks in advance! The Glennie Corporation prepared the following income statement and comparative balance
Please help with the above accounting question! Will give good rating, thanks in advance!
The Glennie Corporation prepared the following income statement and comparative balance sheets for 2018: Glennie CORPORATION Income Statement For the Year Ended December 31, 2018 Sales Less: Cost of goods sold Gross Profit $1,900,000 980,000 920,000 200,000 27,000 197,000 160,000 100,000 236,000 70,800 165.200 Amortization expense-capital assets Amortization expense-patents Other operating expenses Interest expense Less: Loss on sale of land Income before taxes Income taxes Net Income Glennie CORPORATION Balance Sheet As at December 31, 2011 Assets Cash 2018 $ 405,200 180,000 2017 $ 200,000 350,000 320,000 2,090,000 800,000 (560,000) 219,000 $3.419.000 Accounts Receivable Temporary Investments Merchandise Inventory Property, Plant, and Equipment Less: Accumulated Amortization Patents, net Total Assets 460,000 2,336,000 880,000 (760,000) 192,000 $3.693.200 Liabilities and Shareholders' Equity Accounts Payable Other Accrued Payables Dividends Payable Income Taxes Payable Note Payable (Long-Term) Bonds Payable $ 389,000 160,000 80,000 27,000 180,000 900,000 1,600,000 357,200 $3.693.200 $ 265,000 240,000 80,000 42,000 560,000 400,000 1,600,000 232,000 $3.419.000 Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional data: (1) Equipment was purchased for $400,000. (2) Cash dividends of $40,000 were paid in 2018. (3) Land (included in PPE) was sold for cash proceeds of $220,000. (4) The company sold bonds of $500,000 and made $380,000 of principal payments on notes payable. Required: Prepare a cash flow statement for 2018 using the indirect approachStep by Step Solution
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