Balance Sheet at Dec 31, 2019 &nbs

Balance Sheet at Dec 31, 2019

Assets	2019	2018
Cash	$12,000	$33,750
Accounts Receivables	65,250	58,500
Inventories	30,000	24,000
Long term investments (FV-NI)	23,250	40,500
Equipment	30,000	18,750
Accumulated Depreciation- equipment	(5,625)	(2,250)
Building	67,500	56,250
Accumulated Depreciation- building	(13,500)	(9,000)
Land	32,500	32,500
Total Assets	$241,375	$253,000
Liabilities & Shareholder’s Equities
Accounts Payable	30,000	24,750
Accrued Payables	2,375	1,125
Income tax payable	1,000	1,500
Long term note payable	26,000	31,000
Common Shares, issued & outstanding	150,000	150,000
Retained Earnings	32,000	44,625
Total liabilities & Shareholder’s Equities	$241,375	$253,000

Statement of income for the period ended Dec 31, 2019

Sales Revenue	$ 590,250
Cost of Goods sold	(380,000)
Gross Profit	210,250
Operating expense (includes depreciation)	(180,450)
Income from operating	29,800
Other income (losses)	(1800)
Income Tax expense	(40,000)
Net loss	($12000)

Additional Information:

During 2019, AB LTD declared and paid cash dividend
Equipment had cost of $3,750 and accumulated amortization of $750 were sold during the year for $ 2,200 cash
Investments at FV-NI that cost $27,750 and had a fair value at Dec 31, 2019, of $24,750 were sold during the year for $23,750

Instructions:

Using the proper format, prepare the Statement of cash flows for the year ended Dec 31, 2019 using direct OR indirect method.

Expert Solution

ekkarill92 answered 1 year ago

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