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Following are comparative balance sheets for Millco Inc. at January 31 and February 28. 2020:
Assets
February 28
January 31
Cash
S 21,000
$ 18,500
Accounts receivable
32,000
26,500
Merchandise inventory
40,500
47,000
Total current assets
$ 93,500
I, 92,000
Plant and equipment:
Production equipment
83,000
76,000
Less: Accumulated depreciation
(12,000)
(10,500)
Total assets
$164,500
$157,500
Liabilities
Accounts payable
$ 20,500
22,000
Short-term debt
Other accrued liabilities
10,500
12.000
Total current liabilities
$ 51,000
$ 54,500
Long-term debt
16.500
23.000
Total liabilities
S 67,500
$ 72,500
Stockholders' Equity
Common stock, no par value, 20,000 shares authorized, 15,000 and 14,000 shares issued, respectively
$ 52,000
$ 48,000
Retained earnings:
Beginning balance
$ 32,000
S 21,500
Net income for month
18,000
14,500
Dividends
(5,000)
(4,000)
Ending balance
$ 45,000
5 32,000
Total stockholders' equity
$ 97,000
S 80,000
Total liabilities and stockholders' equity
5157.500
Required:
Problem a. Calculate the change that occurred in cash during the month. You may assume that the change in each balance sheet amount is due to a single event (for example. the change in the amount of production equipment is not the result of both a purchase and sale of equipment). Because the retained earnings section of the balance sheet is. In and of itself. an analysis of the change in the retained earnings account for the month, the row for net income and dividends should be entered as the February amount and not the change. Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31 amounts of each balance sheet item.
Problem b. Prepare a statement of cash flows that explains above changes?
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