Problem 4
Points 30
The following financial excerpts were obtained from Luscko Companys financial statements for December 31, 20X1 and 20X2, and auxiliary records:
		20X2
Income Statement Data:
Operating expenses		$ 820,000
Depreciation expense		$ 27,000
Net income		$ 110,000
		20X2		20X1
Balance Sheet Data:
Accounts receivable		$ 10,200		$ 17,700		-7500
Building		$ 140,000		$ -
Equipment		$ 20,200		$ 75,900		-55700
Accounts payable		$ 4,000		$ 7,100		-3100
Wages payable		$ 1,100		$ 2,700		-1600
Notes Payable		$ -		$ 14,500
Common Stock (at par)		$ 900,000		$ 800,000		100000
Paid-In Capital Excess of Par		$ 350,000		$ 200,000		150000
Retained Earnings		$ 1,490,000		$ 580,000		910000
Cash dividends of $20,000 were declared and paid.
Required: Using the information provided above, prepare the 3 sections of the Statement of Cash flows for 20X2.
Luscko Company
Statement of Cash Flows (Partial)
For the Year Ended December 31, 20X2
Cash flows from operating activities:
Net Income				$ 110,000
decrease in AR		$ 7,500
decrease in AP		-$ 3,100		$ 4,400
Operating expenses		$ 820,000
Depreciation expense		$ 27,000		$ 847,000
net cas provided by operating activities				$ -
Cash flows from investing activities:
		$ -
		$ -
				$ -
Cash flows from financing activities:
		$ -
		$ -
		$ -
				$ -
Net Cash flows from operating, financing, and investing activities				$ -