You have been contacted by XXX Corporation to assist them with the closeout of their year-end.Their family
Question:
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You have been contacted by XXX Corporation to assist them with the closeout of their year-end.Their family accountant of 35 years decided that he wanted to start retirement a little early this year.You are inheriting an adjusted trial balance which needs to be properly presented into a set of GAAP financials.Here is what we know:
You can assume that all account balances are accurate.
This is the first year of operations.
You will need to record a tax accrual.Assume a flat tax rate of 25%.
The family accountant left you a love note indicating that the company had recently issued 100, shares of $10 par value stock in exchange for a tract of land.
No footnote disclosures are needed.
No dividends were paid this year.
The loss on disposal of asset was the result of an asset being discarded.No cash proceeds were received on this transaction.
You can feel free to add any accounts that you deem necessary.
PLEASE HELP WITH STATEMENT OF CASH FLOW
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