Question
The following selected information has been provided from Stark Enterprise's financial statements: Required Net income 455,715 Beginning accounts payable 24,668 Depreciation expense 130,282 Ending accounts
The following selected information has been provided from Stark Enterprise's financial statements: Required Net income 455,715 Beginning accounts payable 24,668 Depreciation expense 130,282 Ending accounts payable. 26.002 Beginning accounts receivable 45.328 Purchase of equipment 473.114 Ending accounts receivable 32.428 Issue of long-term debt 154,958 Beginning inventory 16.642 Issue of shares for cash, 136,518 Ending inventory 24,560 Issue of shares for land 72.344 Beginning prepaid expenses 3.824 Repurchase of issued shares 135.957 Ending prepaid expenses 2.087 Sale of long-term investment at cost 25,524 1. Prepare Stark Enterprise's Statement of Cash Flows for the year ended December 31, 2020 using the indirect method. Assume the company's cash balance on December 31, 2019 was $25,000. Make sure you show ALL your calculations. Hand write your answer in your rough work. This will be submitted at the end of the test 2. In the box below. Type in the cash balance for December 31, 2020 you calculated in your cash flow statement above
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