Question
The following are relevant account balances from ABC's comparative balance sheet and 2019 income statement ABC's balance sheet December 31,2019 January 1, 2019 Cash $
The following are relevant account balances from ABC's comparative balance sheet and 2019 income statement
ABC's balance sheet
| December 31,2019 | January 1, 2019 | |
|---|---|---|
| Cash | $ 6,000 | $ 9,000 |
| Accounts Receivable | $ 8,000 | $ 12,000 |
| Merchandise Inventory | $ 29,000 | $ 18,000 |
| Prepaid Rent | $ 6,000 | $ 4,000 |
| Equipment | $ 100,000 | $ 80,000 |
| Accumulated Depreciation | $ (28,000) | $ (13,000) |
| Total Assets | $ 121,000 | $110,000 |
| Accounts Payable | $ 9,000 | $ 25,000 |
| Unearned Revenue | $ 6,000 | $ 4,000 |
| Common Stock | $ 38,000 | $ 32,000 |
| Retained Earnings | $ 68,000 | $ 49,000 |
| Total Liabilities and Shareholders Equity | $ 121,000 | $ 110,000 |
Other Information: No equipment was sold or retired during 2019. ABC's net income for 2019 was $33,000
Prepare the statement of cash flow for 2019
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Fundamental Financial Accounting Concepts
Authors: J.K.
7th Edition
B003NPRW7I
