Question 1:The financial statements of Alexis Inc. appear below:ALEXIS INC.Comparative Balance SheetDecember 3120102009Assets$ 17,00031,0005,00032,00055,000_(20,000)$120,000$ 20,00034,000CashAccounts receivablePrepaid insuranceInventoryEquipmentAccumulated depreciationTotal3,00015,00078,000(24,000)$126,000Liabilities and Shareholder's Equity$ 20,00012,0007,00039,00042,000$120,000$ 23,00010,00031,00024,00038,000Accounts payableIncome taxes payableBank LoanCommon sharesRetained earningsTotal$126,000ALEXIS INC.Income StatementYear Ended December 31, 2010SalesCost of goods soldGross profitOperating expensesIncome from operationsInterest expenseIncome before income taxesIncome tax expense$470,000400,00070,00036,00034,0004,00030,00012,000$ 18,000Net incomeTheowing additional data wererovic1. During the year the company sold some equipment for $2,000 cash. The company did notpurchase any equipment during 2010.2. Depreciation expense of $12,000 is included in the operating expenses category.3. During the year the company issued common shares.4. During the year the company repaid part of their bank loan.5. During the year the company paid a cash dividend to the shareholders.REQUIRED:Prepare in proper format a Cash Flow Statement for Alexis Inc., using the indirect method.

In the given question, financial statement of Alexis Inc is mentioned in detail. With the available…

Answered: REQUIRED: Prepare in proper format a…

Business

Accounting

REQUIRED: Prepare in proper format a Cash Flow Statement for Alexis Inc., using the indirect method.

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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