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Below are the financial statements of ABC Company 2018 2017 cash 120,000 44,000 accounts receivable 100,000 90,000 inventory 220,000 242,000 equipment 220,000 120,000 a/d equipment 80,000 60,000 land 820,000 1,020,000 total assets 1,340,000 1,396,000 accts payable 220,000 180,000 common stock 220,000 200,000 r/e 900,000 1,016,000 Income statement sales 420,000 cogs 180,000 oper expenses 80,000 depreciation exp 40,000 loss...

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Finance

Below are the financial statements of ABC Company

20182017
cash120,00044,000
accounts receivable100,00090,000
inventory220,000242,000
equipment220,000120,000
a/d equipment80,00060,000
land820,0001,020,000
total assets1,340,0001,396,000
accts payable220,000180,000
common stock220,000200,000
r/e900,0001,016,000
Income statement
sales420,000
cogs180,000
operexpenses80,000
depreciation exp40,000
loss onsale land100,000
income  100,000
Further information
a) ABCsold some stock during the year
b) ABConly had 1 transaction dealing with land this year
c) ABCpurchased some equipment this year
d) ABCpaid a dividend this year

PREPARE A STATEMENT OF CASH FLOWS USING THE INDIRECTMETHOD

Answer & Explanation Solved by verified expert
4.4 Ratings (712 Votes)
Proceed from sale of land Cost of land Loss on sale oflandProceed from sale of    See Answer
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Transcribed Image Text

Below are the financial statements of ABC Company20182017cash120,00044,000accounts receivable100,00090,000inventory220,000242,000equipment220,000120,000a/d equipment80,00060,000land820,0001,020,000total assets1,340,0001,396,000accts payable220,000180,000common stock220,000200,000r/e900,0001,016,000Income statementsales420,000cogs180,000operexpenses80,000depreciation exp40,000loss onsale land100,000income  100,000Further informationa) ABCsold some stock during the yearb) ABConly had 1 transaction dealing with land this yearc) ABCpurchased some equipment this yeard) ABCpaid a dividend this yearPREPARE A STATEMENT OF CASH FLOWS USING THE INDIRECTMETHOD

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