Question
The following are relevant account balances from Lux Corps comparative balance sheet and 2019 income statement. Lux Corps balance sheets: December 31, 2019 January 1,
The following are relevant account balances from Lux Corps comparative balance sheet and 2019 income statement.
Lux Corps balance sheets:
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. Luxs net income for 2019 was $33,000.
Prepare the statement of cash flow for 2019.
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