Solution-Prepare a statement of cash flows for the year

Prepare a statement of cash flows for the year

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Reference no: EM132825790

Problem - The comparative balance sheets of XYZ Inc. at the beginning and the end of the year 2021 are as follows.

XYZ INC. Balance Sheets
Assets	Dec. 31, 2021	Jan. 1, 2021	Inc./Dec.
Cash	$45,000	$13,000	$32,000 Inc.
Accounts receivable	91,000	88,000	3,000 Inc.
Equipment	39,000	22,000	17,000 Inc.
Less: Accumulated depreciation-equipment	17,000	11,000	6,000 Inc.
Total	$158,000	$112,000
Liabilities and Stockholders' Equity
Accounts payable	$20,000	$15,000	5,000 Inc.
Common stock	100,000	80,000	20,000 Inc.
Retained earnings	38,000	17,000	21,000 Inc.
Total	$158,000	$112,000

Net income of $44,000 was reported, and dividends of $23,000 were paid in 2021. New equipment was purchased and none was sold.

Required - Prepare a statement of cash flows for the year 2021.

Reference no: EM132825790

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Prepare a statement of cash flows for the year

Reference no: EM132825790

Reference no: EM132825790

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