The comparative statements of financial position of Melanzane AK at the beginning and end of the year 2020 appear below. Melanzane AK Statements of Financial Position Dec. 31. 2020 Jan. 1. 2020 Inc./Dec. € 42,000 Assets Equipment € 22,000 €20,000 Inc. Less: Accumulated depreciation-equipment (11,000) (9,000) 2,000 Inc. Inventory 47,000 23,000 24,000 Inc. Accounts receivable 59,000 65,000 6,000 Dec. Cash 55.000 13.000 42,000 Inc. Total €186.000 €114.000 Equity and Liabilities Share capital-ordinary €100,000 € 80,000 20,000 Inc. Retained earnings American Colleg 43,000he Mi9000 E34.000 Inc) Bank Loan 15,000 10,000 5,000 Inc. Accounts payable 28.000 15.000 13,000 Inc. Total €186,000 €114,000 Net income of €50,000 was reported, and dividends of €10,000 were paid in 2020. New equipment was purchased and none was sold. Additional loan of 5,000 was obtained from bank during the year. Requirements: Prepare a statement of cash flows for the year 2020.
The comparative statements of financial position of Melanzane AK at the beginning and end of the year 2020 appear below. Melanzane AK Statements of Financial Position Dec. 31. 2020 Jan. 1. 2020 Inc./Dec. € 42,000 Assets Equipment € 22,000 €20,000 Inc. Less: Accumulated depreciation-equipment (11,000) (9,000) 2,000 Inc. Inventory 47,000 23,000 24,000 Inc. Accounts receivable 59,000 65,000 6,000 Dec. Cash 55.000 13.000 42,000 Inc. Total €186.000 €114.000 Equity and Liabilities Share capital-ordinary €100,000 € 80,000 20,000 Inc. Retained earnings American Colleg 43,000he Mi9000 E34.000 Inc) Bank Loan 15,000 10,000 5,000 Inc. Accounts payable 28.000 15.000 13,000 Inc. Total €186,000 €114,000 Net income of €50,000 was reported, and dividends of €10,000 were paid in 2020. New equipment was purchased and none was sold. Additional loan of 5,000 was obtained from bank during the year. Requirements: Prepare a statement of cash flows for the year 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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