Prepare a statement of cash flows using the direct or indirect method (your choice) based on the following. Make reasonable assumptions as needed
Prepare a statement of cash flows using the diredt or indirect method (your choice) based on the following. Make reasonable assumptions as needed ABC Inc Balance Sheets 12/31/2016 12/31/2017 Assets ABC Inc Income Statement 12 mos ending 12/31/2017 Current Assets: as Accounts Receivable, net Invent Prepaid expenses 14,236,295 1,400,000 2,500,000 192,000 18,328.295 19,658,695 1,190.000 2,460,000 201,600 23,510,295 Total Current Assets $22,000,000 13,200,000 8,800,000 Sales Pro and Equipment Cost of Sales Machinery and Equipment Computers, Furniture and Fixtu 4.400,000 1,000,000 5,400,000 4,505,000 1,300.000 5,805,000 Gross Profit Less Accumulated Depreciation 2,900,000) 2,500,000 (4,055,000) 1,750,000 Net Pro y and Equipment Operating Expense Depreciation Expense 3,300,000 1,155,000 825,000 5,280,000 3,520,000 Tax Expense Total Assets 20,828,29:5 25,260.295 Total Expense Liabilities and Shareholders' Equitv Current Liabilities Net Income Other Information Equipment and computers were purchased for cash 100,000 shares of common stock sold for $10 per share Cash dividends of $150,000 were declared Accounts Payable Accrued liabilities Dividends Payable Income taxes pavable 756,000 1.200,000 120,000 300,000 2,376,000 806,000 1,140,000 132,000 360,000 2,438,000 Total current labilities Long Term Liabilities 2,756,295 2,756,295 Prepare a statement of cash flows using the diredt or indirect method (your choice) based on the following. Make reasonable assumptions as needed ABC Inc Balance Sheets 12/31/2016 12/31/2017 Assets ABC Inc Income Statement 12 mos ending 12/31/2017 Current Assets: as Accounts Receivable, net Invent Prepaid expenses 14,236,295 1,400,000 2,500,000 192,000 18,328.295 19,658,695 1,190.000 2,460,000 201,600 23,510,295 Total Current Assets $22,000,000 13,200,000 8,800,000 Sales Pro and Equipment Cost of Sales Machinery and Equipment Computers, Furniture and Fixtu 4.400,000 1,000,000 5,400,000 4,505,000 1,300.000 5,805,000 Gross Profit Less Accumulated Depreciation 2,900,000) 2,500,000 (4,055,000) 1,750,000 Net Pro y and Equipment Operating Expense Depreciation Expense 3,300,000 1,155,000 825,000 5,280,000 3,520,000 Tax Expense Total Assets 20,828,29:5 25,260.295 Total Expense Liabilities and Shareholders' Equitv Current Liabilities Net Income Other Information Equipment and computers were purchased for cash 100,000 shares of common stock sold for $10 per share Cash dividends of $150,000 were declared Accounts Payable Accrued liabilities Dividends Payable Income taxes pavable 756,000 1.200,000 120,000 300,000 2,376,000 806,000 1,140,000 132,000 360,000 2,438,000 Total current labilities Long Term Liabilities 2,756,295 2,756,295
