EXERCISE/2: The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, and Year 2012, and its statement of income year ended December 31, 2012, follow: Al-Iraq CORPORATION Balance Sheets December 31, Year 2011 and Year 2012 31/12/2011 Item (Amounts in millions of dinars) Assets: Cash Accounts receivable Inventories Prepaid expenses Land Plant and equipment Cars Accumulated depreciation Patented Total assets Liabilities and Equity : Accounts payable Accrued expenses long term loans Sahre capital Share premium Retained earnings Total liabilities and equity. Net Sales Cost of goods sold Cross Profit..... Operating expense...... Net income ******* 144 198 336 24 ********** 160 300 200 (183) 120 1299 261 198 285 450 105 1299 396 (192) 204 31/12/2012 (114) 90 162 180 330 27 286 500 150 (258) 105 1482 225 204 Al-Iraq CORPORATION Income Statement For Year Ended December 31, Year 92012 900 18 135 1482 Additional information: 1. The CORPORATION issued shares to increase its capital by 45 millions dinars 2. Share premium is related to the new share Required: Prepare a statement of cash flows (indirect method) for the year ended December 31, Year 2012

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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EXERCISE 2:
The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, and
Year 2012, and its statement of income year ended December 31, 2012, follow:
Al-Iraq CORPORATION
Balance Sheets
December 31, Year 2011 and Year 2012
31/12/2011
Item (Amounts in millions of dinars)
Assets:
Cash
Accounts receivable
Inventories
Prepaid expenses
Land
Plant and equipment
Cars
Accumulated depreciation
Patented
Total assets
Liabilities and Equity :
Accounts payable
Accrued expenses
long term loans.
Sahre capital
Share premium
Retained earnings
Total liabilities and equity
144
198
336
24
160
300
200
(183)
120
1299
Net Sales
Cost of goods sold.
Cross Profit
Operating expense................
Net income
261
198
285
450
105
1299
396
(192)
204
31/12/2012
(114)
90
162
180
330
27
286
500
150
(258)
105
1482
Al-Iraq CORPORATION
Income Statement
For Year Ended December 31, Year 92012
225
204
900
18
135
1482
Additional information:
1. The CORPORATION issued shares to increase its capital by 45 millions dinars
2. Share premium is related to the new share
Required: Prepare a statement of cash flows (indirect method) for the year ended
December 31, Year 2012
Transcribed Image Text:EXERCISE 2: The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, and Year 2012, and its statement of income year ended December 31, 2012, follow: Al-Iraq CORPORATION Balance Sheets December 31, Year 2011 and Year 2012 31/12/2011 Item (Amounts in millions of dinars) Assets: Cash Accounts receivable Inventories Prepaid expenses Land Plant and equipment Cars Accumulated depreciation Patented Total assets Liabilities and Equity : Accounts payable Accrued expenses long term loans. Sahre capital Share premium Retained earnings Total liabilities and equity 144 198 336 24 160 300 200 (183) 120 1299 Net Sales Cost of goods sold. Cross Profit Operating expense................ Net income 261 198 285 450 105 1299 396 (192) 204 31/12/2012 (114) 90 162 180 330 27 286 500 150 (258) 105 1482 Al-Iraq CORPORATION Income Statement For Year Ended December 31, Year 92012 225 204 900 18 135 1482 Additional information: 1. The CORPORATION issued shares to increase its capital by 45 millions dinars 2. Share premium is related to the new share Required: Prepare a statement of cash flows (indirect method) for the year ended December 31, Year 2012
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