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Please help,urgently Question 13 (40 marks) Use the following data to construct a statement of cash flows using the direct and indirect methods. Cash Accounts
Please help,urgently
Question 13 (40 marks) Use the following data to construct a statement of cash flows using the direct and indirect methods. Cash Accounts receivable Prepaid insurance Inventory Fixed assets Accumulated Depreciation Total assets 20X2 $4,000 25.000 5,000 37.000 316.000 (45,000) 342.000 20X1 $14,000 32.500 7.000 34.000 270.000 (30.000) 327.500 Accounts payable Wages payable Note payable Capital stock Retained earnings Total Liabilities & Equity $18,000 4,000 173.000 88,000 59.000 342.000 $16.000 7.000 160.000 84,000 60,500 327.500 Sales Cost of goods sold Depreciation expense Insurance expense Wage expense Net income 20X2 $200.000 (123.000) (15,000) (11.000) (50,000) 1,000 Additional information: During 20x2 declared and paid dividends of $2,500 . During 20x2, the company paid $46,000 in cash to acquire new fixed assets. The accounts payable was used only for inventory. No debt was retired during 20x2. (40 marks)Step by Step Solution
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