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Question - Prepare Cash flow statement using Indirect Method
Balance sheet as on 31 December 2019
2020 (in $)
2019(in $)
ASSETS
Cash
8000
5000
Accounts receivable
15000
12000
Inventory
30000
33000
Net Equipment
24000
20000
Total assets
77000
70000
Liabilities and equity
Accounts payable
21000
17000
Accrued liability
4000
Common shares
35000
Retained earnings
18000
Total liabilities and equity
Income statement
Sales
140,000
Cost of goods sold
30,000
Gross profit
1,10,000
Operating expenses-
80000
Depreciation expense
10000
Loss on sale of equipment
95,000
Net income
Additional Information
Equipment costing 20,000, depreciation 12000 was sold for $3000.
Purchased equipment costing 22000 by paying 17000 cash and remaining as accounts payable.
Paid cash dividend of 21000.
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