QUESTION 8Presented below are the comparative December31 financial statements for Dubai Industries, Inc.Cin s Millions). Prepare a statement of cash flowsfor December 31, Year 2 using the indirectmethod.Dubai Industries, IneBalance SheetsAt December 31. Year 2 andYear 1Year 2196,719Year 1$28,694CashAccounts Receivable100,000a5,313Inventory206.250181.250Prepaid Insurance1,8752.500Land, Buildings, andEquipement1,562,5001,406.250AccumulatedDepreciation762.500)715.000)106 20193A11 224 212InvestmentsTotal AssetsAccounts Payable195.425$18S,838Salaries Pavable25.00030.625 Salaries Payable25.000Notes Payable31,25093,750Bonds Payable250.000Common Stock375.000375000Retalned Earnings1224219A1095 2AAdditional indormation for Year 2(1) Sold available for sale vecurities cotingS86,875 tor 192,500.(2 Equipment costing 123.000 with a book valoeef s6.250 was sold for $7.000(3 ted bonds at face value for $250,000.4) Purchased new equipenent for $181.250 andpaid cash(5) Paid cash divadends of s25,000C6) Net income vwas S62.500.The gain trom the equipment sales will be equalto750125070006250

Equipment is a form of a fixed asset for the business. This is used by the business for a longer…

Salaries Pyable 25.000 Notes Payable 31.250 3,750 Bonds Pyble 250,000 Common Stock 375.000 375,000 Retated Carnings 442 44 11224219 Additonal information fr Year 2 ( Seld available for sale securities coting SAS tor ,500 2 Epuipment costing 12000 weh a book value of 6.250 sold for $7.000 ted boeds at tace value fe s250.000. 0 Purchased new equipment for SI8L250 and paid cash GPaid cash divstends of s25.000 SI Net income was S200. The gain trom the equipment sales will be equal to 750 1250 7000 4250

Salaries Pyable 25.000 Notes Payable 31.250 3,750 Bonds Pyble 250,000 Common Stock 375.000 375,000 Retated Carnings 442 44 11224219 Additonal information fr Year 2 ( Seld available for sale securities coting SAS tor ,500 2 Epuipment costing 12000 weh a book value of 6.250 sold for $7.000 ted boeds at tace value fe s250.000. 0 Purchased new equipment for SI8L250 and paid cash GPaid cash divstends of s25.000 SI Net income was S200. The gain trom the equipment sales will be equal to 750 1250 7000 4250

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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Miller Corporation has screenshot atttached thanks for the help gw35p kh35p