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Show it with explanations please. A comparative statement of financial position for Mann Company appears below: Dec. 31, 2016 MANN COMPANY Comparative Statement of Financial
Show it with explanations please.
A comparative statement of financial position for Mann Company appears below: Dec. 31, 2016 MANN COMPANY Comparative Statement of Financial Position Dec 31, 2017 Assets Equipment 60.000 Accumulated depreciation equipment (20,000) Long-term investments Prepaid expenses 6,000 Inventory 25.000 Accounts receivable 18,000 Cash 33.000 Total assets 122.000 32.000 (14,000) 18,000 9,000 18,000 14,000 10.000 87.000 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Total equity and liabilities 40,000 28,000 32.000 12.000 122.000 23,000 10.000 47,000 7,000 27.000 Additional information: 1. Net income for the year ending December 31, 2017 was 33,000. 2. Cash dividends of 15,000 were declared and paid during the year. 3. Long-term investments that had a cost of 18,000 were sold for 14,000. 4. Sales for 2017 were 120,000. Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect methodStep by Step Solution
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