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Indirect and Direct Cash Flow Assignment | Top Universities

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ABC COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31 2017 Differences 2018 Assets 51,000 122,000 61,000 Cash 80,000 29,000 13,000 S Accounts Receivable, net Merchandise Inventory 135,000 $ S $ 75,000 14,000 S (30,000) 22,000 $(7,000) Investments (Available-for-sale) Equipment Accumulated Depreciation -Equipment Buildings Accumulated Depreciation -Buildings Land 55,000 85,000 48,000 S 70,000 (21,000) (14,000) 145,000 145,000 $ (37,000) 40,000 $ S542.000 S 495,000 (28,000) 25,000 (9,000) $ 15,000 $ Total Assets 47,000 Liabilities and Stockholder's Equity Accounts Payable Income Tax Payable Long Term Notes Payable 70,000 60,000 10,000 $ 70,000 260,000 10,000 2,000 (8,000) 50,000 95,000 (7,000) 47,000 12,000 $ $ 62,000 Common Stock 310,000 Retained Earnings $ 88,000 $ 542,000 495,000 $ Income Statement (abbreviated)as of 12/31/18 Revenues Sales $480,000 (15,000) 1,000 466,000 Loss on Sale of Investments Gain on Sale of Equipment Expenses Cost of Goods Sold Operating Expenses Depreciation Expense 250,000 100,000 24,000 25,000 399,000 Income Taxes $67,000 Net Income Other Cash dividends were declared and paid during the year Some of the Common Stock was issued in exchange for land Investments that cost $35,000 were sold at Equipment that cost $10,000 and was 80% depreciated was sold for $3,000 during 2018 loss of $15,000 during the year 2. Get Accounting Homework Help Today

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