EXERCISE 2:The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, andYear 2012, and its statement of income year ended December 31, 2012, follow:Al-Iraq CORPORATIONBalance SheetsDecember 31, Year 2011 and Year 201231/12/2011Item (Amounts in millions of dinars)Assets:CashAccounts receivableInventoriesPrepaid expensesLandPlant and equipmentCarsAccumulated depreciationPatentedTotal assetsLiabilities and Equity :Accounts payableAccrued expenseslong term loans.Sahre capitalShare premiumRetained earningsTotal liabilities and equity14419833624160300200(183)1201299Net SalesCost of goods sold.Cross ProfitOperating expense................Net income2611982854501051299396(192)20431/12/2012(114)9016218033027286500150(258)1051482Al-Iraq CORPORATIONIncome StatementFor Year Ended December 31, Year 92012225204900181351482Additional information:1. The CORPORATION issued shares to increase its capital by 45 millions dinars2. Share premium is related to the new shareRequired: Prepare a statement of cash flows (indirect method) for the year endedDecember 31, Year 2012

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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. 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

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

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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