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Please review the Income statement and fix my Cash Flow Statement I have started in the second image. Thank you. An inexperienced accountant for Prestwick
Please review the Income statement and fix my Cash Flow Statement I have started in the second image. Thank you.
An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August, current year PRESTWICK COMPANY AUGUST 31, CURRENT YEAR Revenues: Services provided to customers Investment by stockholders Loan from bank $17,eee 5,e00 15,eee $ 37,000 Expenses: Payments to long-term creditors Expenses required to provide services to customers Purchase of land 11,7e0 7,800 16,000 35,500 $1,50e Net income Based on the information prepare a statement of cash flows in a form consistent with generally accepted accounting principles. You may assume all transactions were in cash and that the beginning cash balance was $7,200. (List any deduction in cash and cash outflows as negative amounts.)Step by Step Solution
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