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You are the comfort In Your pred some for the entrada de Wiwing additional Information by analysing changes in the company's lance sheet ELEGENT PRODUCTS,
You are the comfort In Your pred some for the entrada de Wiwing additional Information by analysing changes in the company's lance sheet ELEGENT PRODUCTS, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 Revenue Net die 9.500.000 Interest in 370.000 Gain one of the 50.00 Total vendin 10.360.000 Costea pe Cost of goods sold 4,960,000 Operating esperes (including depreciation of 300.000) 3.940.000 Interest expense 270.000 Income tax expense 300.000 Los ole of plant annet 90.000 Total cost expenses and 9.560.000 Net Income 300,000 Changes in the company's balance sheet accounts over the your resummarized as follows: 1. Accounts Receivable decreased by 90,000 2. Accred Interest Receivable increased by 20.000 3. Inventory decreased by 290,000, and Acorns Payable to suppliers of merchandise decreased by 4. Short-term prepayments of operating expenses decreased by 22,000, and socrued liabilities for operating expenses increased by 37.000. 3. The liability for Accrued Interest Payable decreased by 19,000 during the year 6. The liability for Accred Income Taxes Payable increased by 35,000 during the year. 7. The following schedule summarizes the total debit and credit entries during the year in other balance sheet account Debit Credit Entries Entries Marketable Securities... 220,000 310,000 Notes Receivable (cash loans made to others) . 150,000 90,000 Plant Assets (see paragraph) 2,800,000 260,000 Notes Payable (short-term borrowing) .720,000 840,000 Bonds Payable 2,100,000 Capital Stock 150,000 Additional Paid-in Capital (from issuance of stock) 940,000 Retained Earnings (see paragraph 9) 420,000 800,000 8. The 260,000 in credit entries to the Plant Assets account is net of any debits to accumulated depreciation when plant assets were retired. Thus, the 260,000 in credit entries represents the book value of all plant assets sold or retired during the year. 9. The 420,000 debit to Retained Earnings represents dividends declared and paid during the year. The 800,000 credit entry represents the net income for the year. 10. All investing and financing activities were cash transactions 11. Cash and cush equivalents amounted to 500,000 at the beginning of the year. Instructions: You are to prepare a statement of cash flows for the current year. Cash flows from operating activities are to be determined by the Indirect method. Place brackets around dollar amounts representing cash outlays
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