Question
The following financial information is obtained regarding Ellish Company: 12/31/19 12/31/18 Current Assets: Cash 180,000 46,000 Accounts Receivable (net) 140,000 90.000 Merchandise Inventory 130,000 150,000
The following financial information is obtained regarding Ellish Company:
12/31/19 12/31/18
Current Assets:
Cash 180,000 46,000
Accounts Receivable (net) 140,000 90.000
Merchandise Inventory 130,000 150,000
Prepaid Expenses 7,000 2,000
Supplies 3,000 4,000
Non-Current Assets:
Land 100,000 -0-
Plant Assets 200,000 200,000
Accumulated Depreciation (60,000) (40,000)
Total Assets 700,000 452,000
Current Liabilities:
Accounts Payable 25,000 33,000
Accrued Liabilities 15,000 9,000
Non-current Liabilities:
Notes Payable 100,000 20,000
Total Liabilities: 140,000 62,000
Common Stock ($1 Par Value) 200,000 140,000
Common Stock-APIC 50,000 10,000
Retained Earnings 310,000 240,000
Total Stockholders Equity 560,000 390,000
Additional Data:
A) 2019 Net Income was $170,000
B) Land was acquired by taking out a Notes Payable for $90,000 and paying Cash for the balance .
C) All Common Stock was issued for Cash.
REQUIRED:
Prepare the Statement of Cash Flow for Ellish Company under the Indirect Method.
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