Question
Using the information provided below please prepare a cash flow statement for Ace Inc. for the year ended December 31, 2020: 2020 2019 Change
Using the information provided below please prepare a cash flow statement for Ace Inc. for the year ended December 31, 2020: 2020 2019 Change Direction Cash 20,000 29,000 9,000 Decrease Accounts Receivable 12,000 19,000 7,000 Decrease Inventory 40,000 22,000 18,000 Increase Prepaids 8,000 5,000 3,000 Increase Accounts Payable 12,000 18,000 6,000 Decrease Accrued Liabilities 6,000 3,000 3,000 Increase Retained Earnings 140,000 90,000 50,000 Increase Net Income 85,000 Depreciation Expense 10,000 Dividends ??? Other Info. -The company issued 10,000 shares for $10,000 -The company purchased fixed assets for $80,000 in cash -The company sold equipment and received proceeds of $22,000 -The equipment sold had an original cost of $30,000 and an accumulated depreciation of $12,000
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