Question
The following selected data for ABM Corporation, a retailer, for the year ended December 31, 2019, has been selected for you to prepare the cash
The following selected data for ABM Corporation, a retailer, for the year ended December 31, 2019, has been selected for you to prepare the cash flow statement for the year ended 2019.
Cost of goods sold$56,500Sales revenue$97,300
Amortization expense14,100Interest revenue4,100
Income tax expense2,300Dividend revenue3,600
Other operating expenses17,700Salary expense24,000
Loss on sale of investments1,400Interest expense5,900
Gain on sale of property,
plant, and equipment7,200
The cash account began with a balance of $15,000 and with an ending balance of $195,800 for 2019.
Accounts receivable decreased $ 13,600
Inventory increased6,800
Prepaid expenses decreased2,700
Accounts payable increased21,400
Salary payable increased1,500
Accrued liabilities decreased4,300
Income tax payable increased800
Acquisition of property, plant, and equipment46,000
Issuance of common shares125,000
Cash received from sale of investments35,000
Collection of loan principal22,600
Payment of dividends15,000
Purchased equipment by signing a note payable20,000
Cash received from sale of property, plant, and equipment 31,700
1Make an income statement (in good format) for the year ended 2019.
2-Make the cash flow statement for ABM Corporation for the year ended December 31, 2019, using the indirect method, and include a schedule of noncash investing and financing activities if necessary.
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