Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following Balance Sheets of Al Amal Manufacturing company to construct a statement of cash flows. Knowing that the sales revenue and net income
Use the following Balance Sheets of Al Amal Manufacturing company to construct a statement of cash flows. Knowing that the sales revenue and net income in 2000 were; $200,000 $1,000 respectively. Balance Sheet Al Amal Manufacturing company As December 31, 1999 and 2000 2000 1999 Cash $4,000 Accounts receivable 25,000 Prepaid insurance 5,000 Inventory 37,000 Fixed assets 316,000 Accumulated Depreciation (45,000) Total assets 342.000 $14,000 32,500 7,000 34,000 270,000 (30,000) 327,500 Accounts payable Wages payable Note payable Capital stock Retained earnings Total Liabilities & Equity $18,000 4,000 173,000 88,000 59,000 342,000 $16,000 7,000 160,000 84,000 60,500 327,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started