hello, help please Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2020:MILLCO INC.Balance SheetsFebruary 28 and January 31, 2020February 28January 31Assets$ 25,20038,40048,600$112,200$ 22,20031,80056,400$110,400CashAccounts receivableMerchandise inventoryTotal current assetsPlant and equipment:Production equipmentLess: Accumulated depreciation99,600(14,400)$197,40091, 200(12,600)Total assets$189,000LiabilitiesAccounts payable$ 22,20026,40012,600$ 24,60026,40014,400$ 65,40027,600$ 93,000Short-term debtOther accrued liabilitiesTotal current liabilities$ 61,20019,800$ 81,000Long-term debtTotal liabilitiesStockholders' EquityCommon stock, no par value, 24,000 shares authorized, 18,000 and16,800 shares issued, respectivelyRetained earnings:$ 62,400$ 57,600Beginning balanceNet income for month$ 25,800$ 38,40021,600(6,000)$ 54,000$116,40017,400(4,800)$ 38,400$ 96,000DividendsEnding balanceTotal stockholders' equity Required:a. Calculate the change that occurred in cash during the month. You may assume that the change in each balance sheet amount isdue to a single event (for example, the change in the amount of production equipment is not the result of both a purchase and saleof equipment). Because the retained earnings section of the balance sheet is, in and of itself, an analysis of the change in theretained earnings account for the month, the row for net income and dividends should be entered as the February amount and notthe change. Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31amounts of each balance sheet item.b. Prepare a statement of cash flows that explains above changes?Complete this question by entering your answers in the tabs below.Required ARequired BPrepare a statement of cash flows that explains above changes? (Amounts to be deducted should be indicated by a minussign.)MILLCO INC.Statement of Cash FlowsFor the Month Ended February 28, 2020Cash flows from operating activities:Add (deduct) items not affecting cashAloxt

Calculate the change that occurred in cash duriny due to a single event (for example, the change in the amount of production equipment is not the result of both a purchase and sale of equipment). Because the retained earnings section of the balance sheet is, in and of itself, an analysis of the change in the retained earnings account for the month, the row for net income and dividends should be entered as the February amount and not the change. Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31 amounts of each balance sheet item. p. Prepare a statement of cash flows that explains above changes?

Calculate the change that occurred in cash duriny due to a single event (for example, the change in the amount of production equipment is not the result of both a purchase and sale of equipment). Because the retained earnings section of the balance sheet is, in and of itself, an analysis of the change in the retained earnings account for the month, the row for net income and dividends should be entered as the February amount and not the change. Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31 amounts of each balance sheet item. p. Prepare a statement of cash flows that explains above changes?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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