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In: Finance

Net Income of $34000 was reported and Dividend of $13000 were paid in 2010. New Equipment was purchased and none was sold.

                                                                                 

Abbey INC.

Balance Sheet

Assets

Dec. 31, 2010

Jan. 1, 2010

Inc./Dec.

Equipment

$39,000

$22,000

$17,000 Inc.

Less: Accumulated depreciation

-17,000

$      (11,000)

6,000 Inc.

Accounts receivable

91000

88,000

3,000 Inc.

Cash

45,000

13,000

32,000 Inc.

Total

$158,000

$112,000

 

Equity and Liabilities

     

Share capital—ordinary

100000

$80,000

20,000 Inc.

Retained earnings

38,000

17,000

21 ,OOO Inc.

Accounts payable

20,000

15,000

5,000 Inc.

Total

$158,000

$112,000

 

Net Income of $34000 was reported and Dividend of $13000 were paid in 2010. New Equipment was purchased and none was sold.

Requirement:

Prepare Statement of Cash Flow for the year 2010.

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