Below are the financial statements of ABC Company 2018 2017 cash 120,000 44,000 accounts receivable 100,000...

Below are the financial statements of ABC Company

	2018	2017
cash	120,000	44,000
accounts receivable	100,000	90,000
inventory	220,000	242,000
equipment	220,000	120,000
a/d equipment	80,000	60,000
land	820,000	1,020,000
total assets	1,340,000	1,396,000

accts payable	220,000	180,000

common stock	220,000	200,000
r/e	900,000	1,016,000

Income statement
sales	420,000
cogs	180,000
oper expenses	80,000
depreciation exp	40,000
loss on sale land	100,000
income	100,000

Further information

a) ABC sold some stock during the year

b) ABC only had 1 transaction dealing with land this year

c) ABC purchased some equipment this year

d) ABC paid a dividend this year

PREPARE A STATEMENT OF CASH FLOWS USING THE INDIRECT METHOD

Expert Solution

Proceed from sale of land = Cost of land - Loss on sale of land
Proceed from sale of land = $200,000 - $100,000
Proceed from sale of land = $100,000

Cash dividend paid = Beginning retained earnings + Net income - Ending retained earnings
Cash dividend paid = $1,016,000 + $100,000 - $900,000
Cash dividend paid = $216,000

Purchase of equipment = Purchase of equipment + Purchase of additional equipment
Purchase of equipment = $100,000 + $20,000
Purchase of equipment = $120,000

jeff jeffy answered 10 months ago

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