Exercise4: A comparative statement of financial position for Shinas Company appears below: SHINAS COMPANY Comparative Statement of Financial Position Dec. 31. 2016 Dec. 31, 2017 Assets OMR 32,000 (20,000) -0- Equipment Accumulated depreciation equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash Total assets OMR 60,000 6,000 25,000 18,000 (14,000) 18,000 9,000 18,000 14,000 10.000 OMR 122.000 33.000 OMR 87.000 Equity and Liabilities OMR 23,000 Share capital-ordinary Retained earnings Bonds payable Accounts payable Total equity and liabilities OMR 40,000 28,000 37,000 17.000 10,000 47,000 7.000 OMR 122.000 OMR 87.000 Additional information: 1. Net income for the year ending December 31, 2017 was OMR 33,000. . 2. Cash dividends of OMR 15,000 were declared and paid during the year. 3. Long-term investments that had a cost ofOMR 18,000 were sold for OMR 14,000. 4. Sales for 2017 were OMR 120,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect

Exercise4: A comparative statement of financial position for Shinas Company appears below: SHINAS COMPANY Comparative Statement of Financial Position Dec. 31. 2016 Dec. 31, 2017 Assets OMR 32,000 (20,000) -0- Equipment Accumulated depreciation equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash Total assets OMR 60,000 6,000 25,000 18,000 (14,000) 18,000 9,000 18,000 14,000 10.000 OMR 122.000 33.000 OMR 87.000 Equity and Liabilities OMR 23,000 Share capital-ordinary Retained earnings Bonds payable Accounts payable Total equity and liabilities OMR 40,000 28,000 37,000 17.000 10,000 47,000 7.000 OMR 122.000 OMR 87.000 Additional information: 1. Net income for the year ending December 31, 2017 was OMR 33,000. . 2. Cash dividends of OMR 15,000 were declared and paid during the year. 3. Long-term investments that had a cost ofOMR 18,000 were sold for OMR 14,000. 4. Sales for 2017 were OMR 120,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect

Name: Exercise4:A comparative statement of financial position for Shinas Co
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Description: Exercise4:A comparative statement of financial position for Shinas Company appears below:SHINAS COMPANYComparative Statement of Financial PositionDec. 31, 2016Dec. 31, 2017AssetsEquipmentAccumulated depreciation equipmentLong-term investmentsPrepaid

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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