ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021
ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ABC Pic
Income Statement for the Year Ended May 31, 2021
AED1,615,000
Sales Revenue
Less Cost of Goods Sold
Gross Profit
Expenses:
Depreciation Expense
Salaries and Wages Expense
Interest Expense
Loss on Sale of Equipment
Income Before Taxes
Less Income Tax Expense
Net Income
731,000
884,000
34,000
391,000
34,000
17,000
408,000
110,500
AED 297,500
Additional Information:
During the year, ABC sold equipment with an original cost of AED153,000 and accumulated
depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of
dividends was AED136,000.
REQUIRED:
Prepare a statement of cash flows for the year ending May 31, 2021
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