Abbey INC. Balance Sheet Assets Dec. 31, 2010 Jan. 1, 2010 Inc./Dec. Equipment $39,000 $22,000 $17,000...

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.

Expert Solution

Cash Flow Statement (Indirect Method)

Particulars	Amount	Amount

Net Income		$ 34,000.00

Adjustments to reconcile net income to:

Net cash provided by operating activities

Depreciation	$ 6,000.00
Increase in Accounts Receivable	$ (3,000.00)
Increase in Accounts Payable	$ 5,000.00
Net Cash Generated		$ 8,000.00
Net cash provided by operating activities	(A)	$ 42,000.00

Cash Flows from Investing Activities

Purchase of Equipment	$ (17,000.00)
Net cash provided by investing activities	(B)	$ (17,000.00)

Cash Flows from Financing Activities

Dividend Paid	$ (13,000.00)
Increase in Share Capital	$ 20,000.00
Net cash provided by Financing activities	(C')	$ 7,000.00

Net increase/decrease in cash	(A+B+C')	$ 32,000.00
Add:Opening cash balance		$ 13,000.00
Closing cash balance		$ 45,000.00

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