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You have received the following condensed financial data of Monkey Company 1. New equipment, which cost $80000 was purchased during the year 2020 2. Old
You have received the following condensed financial data of Monkey Company
1. New equipment, which cost $80000 was purchased during the year 2020
2. Old equipment having an original cost of $57500 and accumulated depreciation of $50000, was sold for $12500 for cash.
3. Bonds payable matured and were paid off at face value by cash
4. A cash dividend of $43900 was paid during the year 2020.
Requirement:
Prepare a cash flow statement using indirect method.
2019(S) Company Comparative Statements of Financial Position December 31, 2020 (S) Assets Equipment 265000 Accumulated Depreciation Equipment (47000) Long-term Investment 140000 Prepaid Expenses 29300 Inventory 112500 Accounts Receivable 92800 Cash 100350 Total 692950 Equity and Liabilities Share Capital-Ordinary 220000 Retained Earnings 234450 Bonds Payable 110000 Accounts Payable 112000 Accrued Expense Payable 16500 Total 692950 242500 (52000) 114000 26000 102850 33000 48400 514750 175000 105450 150000 67300 17000 514750 S 397780 Company Income Statement For the Year Ended December 31, 2020 S Sales Revenue 392780 Gain on Disposal of Plant Assets 5000 Less: Cost of Goods Sold 135460 Operating Expenses. Excluding Depreciation 12410 Depreciation Expense 45000 Interest Expense 4730 Income Tax 27280 Net Income After Tax 224880 172900Step by Step Solution
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