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20(Summer%202020)%20-%202%20%20ver%202.pdf (no subject) DOUGLAS 01 QUESTION 1 (25 marks) A comparative balance sheet for Consumer Lid. is presented as follows: Assets Dec 31/19 Dec 31/18 Linbilities & S/H Equity Dec 31/19 Dec 31/18 Cash $3,500 $ 4,900 Accounts payable $8,600 $5,700 Accounts receivable 11,200 8,100 Accrued expenses 500 800 Inventory 14,000 13,800 Bonds payable (long-term) 16,500 7.700 Equipment 52,000 31,900 Common shares 36,400 25,900 Accum. Depreciation (8,000) (10,000) Retained earnings 10,700 8,600 Total Assets $72.700 $48,700 Total Liabilities & S/H Equity $72.700 $48.700 Income Statement for the year 2019: Revenues: Sales $133,300 Expenses and other Cost of goods sold $96,200 Other expenses 19,500 Depreciation expense 1,800 Loss on sale of old equipment 3.500 121.000 Net Income $12.300 During 2019, the company sold some of their old equipment. $30,000 of new equipment items were acquired by issuing common shares $8,000, and the balance paid with cash. Consumer Ltd. also issued bonds at par and paid dividends during the year. Required: Prepare a Cash Flow Statement for the year 2019 in good format