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- QUESTION 2 Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. (in S Milions). Prepare a statement of cash flores for December 31, Year 2 using the indirect method. Dubai tnduitries, Ine Balance Sheets A December 31, Vear 2 and Year 1 Year 1 $28.094 Year2 Cash $96.719 Accounts Recelvable 100.000 85,313 Inventory 206.250 181,250 Prepaid insurance Land, Buildings, and 18TS 2,500 Equipment Accumulated 1.362.500 1,406.250 Depreciation (762.500) (715.000) Investments 19375 106250 1.224 219 31.05 24 Total Assets Accounts Payable 195.425 Salartes Payable 25,000 30,62599 )Probability of financial Value of debt distress $0 0% $2,500,000 1% $5,000,000 2% $7,500,000 4% $10,000,000 8% $12,500,000 16% $15,000,000 32% $20,000,000 64%
- Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…Bha3
- AQUIL and BADIR formed a partnership on January 2, 2022 by contributing their respective assets and equities subject to adjustments. On that date, the following were provided: Cash Accounts Receivable Inventories Land Building Equipment Intangible assets Accounts Payable Other Liabilities Capital AQUIL BADIR 28,000 62,000 200,000 600,000 120,000 200,000 600,000 500,000 50,000 35,000 2,000 3,000 180,000 250,000 200,000 350,000 OZU,UUU 800,000Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********Q4 Corporation financial statements at December 31 (in millions) ASSETS Cash LIABILITIES Accounts payable Notes payable Accrued wages Accrued taxes Total current liabilities 20X9 S10 5. 3. 2. 20X8 20X9 $5 10 15 20X8 $ 8 5. 2. 3. $ 4 Accounts receivable Inventory 12 Total current assets Long-term debt Common stock Retained carnings Total Net fixed assets 40 40 20 10 20 10 15 20 Total Sales $95, Cost of goods sold $50, Selling, general, and administrative expenses S15. Depreciation $3,Interest $2, Taxes $10 (a) Prepare a flow of funds statement for 20X9 for the Corporation (b) Prepare a cash flow statement using the indircct method for Corporation.
- A. Devine and Vicky are partners dealing in cosmetics and other assorted goods. They share profit and losses in ratio 3:2. The trial balance below was extracted from the books of the partners as at 31“ December, 2020. DR CR Rent Expenses 400,000 Bank overdraft 100,000 Discount 50,000 100,000 Turnover 2,100,000 Cost of Sales 700,000 Receivable 400,000 Patent 400,000 Stocks (31/12/2019) 150,000 Loan from Devine at 15% per annum 200,000 Land 900,000 Motor vehicle 600,000 Equipment 400,000 Provision for depreciation:2021 2$ Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 94,025 23,000 95,000 180,000 2,850 1,280,000 (625,000) $1,049,875 2020 31,955 100,000 81,750 158,500 3,500 1,140,000 (587,000) $ 928,705 $ 163,670 32,000 90,000 Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings 2$ 89,840 26,000 38,500 215,000 300,000 380,535 300,000 343,035 $ 928,705 ces Total liabilities and shareholders' equity $1,049,875 Additional information for 2021: (1) Sold available-for-sale debt securities costing $77,000 for $83,000. (2) Equipment costing $20,000 with a book value of $6,500 was sold for $8,250. (3) Issued 6% bonds payable at face value, $215,000. (4) Purchased new equipment for $160,000 cash. (5) Paid cash dividends of $27,500. (6) Net income was $65,000. Required: Prepare a statement of cash flows for 2021 in good form…ASSETS LIABILITII OWNER'S EQUITY $30,000 $22,000 a. 王 b. $ 7,000 土 $98,000 C. $25,000 $11,000