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Problem 5-1 (similar to) Consider the financial statements for Ace Inc. Identify the sources of cash and uses of cash for each year. Create a sources and uses statement. Complete the sources and uses statement below. (Round to the nearest integer.) ($ 000) Statement of Sources and Uses of Cash Sources of cash Increase in accounts payable Total uses of cash Uses of cash Increase in accounts payable Increase (decrease in cash Beginning cash Ending cash Choose from any list or enter any number in the input fields and then click Check Answer. All Problem 5-1 (similar to) Consider the financial statements for Ace Inc. Identify the sources of cash and uses of cash for each year. Create a sources and uses statement. Complete the sources and uses statement below: (Round to the nearest integer.) Statement of Sources and Uses of Cash ($ 000) Sources of cash Increase in accounts payable Increase in accounts payable Increase in retained earnings Increase in accounts receivable Increase in inventorios Increase in net plant and equipment Decrease in notes payable Decrease in long-term debt Increase (decrease) in cash Beginning cash Ending cash Choose from any list or enter any number in the input fields and then click Check Answer Ace Inc. Income Statements ($000s) Year 1 Sales Cost of goods sold Gross margin Selling & admin expenses Depreciation Operating income Interest expense Profit before tax Income tax (at 35%) Net income $250,740 164,310 86,430 68,080 12,510 5,840 950 4,890 1,712 $3,178 Year 2 $289,600 172, 110 117,490 76,790 14,150 26,550 770 25,780 9,023 $16,757 Common dividend paid $1,020 $1,020 Ace Inc. Balance Sheets at December 31 (5000s) Year 1 Year 2 Cash $2,340 $4,227 Accounts receivable 30,640 31,320 Inventories 18,940 20,440 Total current assets 51,920 55,987 Net property & equipment 20.020 23.770 Total assets $71,940 $79,757 Notes payable: bank Accounts payable Total current liabilities Long-term debt Common equity Total liabilities and equity $20,060 14,420 34.480 21,570 15,890 $71,940 $12,860 16.020 28.880 19.250 31,627 $79,757