Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.

Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $141,300. Depreciation recorded on store equipment for the year amounted to $23,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $55,390 $50,400 Accounts receivable (net) 39,710 37,250 Merchandise inventory 54,230 56,700 Prepaid expenses 6,090 4,790 Accounts payable (merchandise creditors) 51,900 47,680 Wages payable 28,360 31,150 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $16,200 $15,400 Inventory 70,200 70,900 Accounts payable 22,600 21,300 Dividends payable 20,000 22,000 Adjust net income of $100, 400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. fill in the blank 1 of 1$

Formulating Financial Statements from Raw Data Following is selected financial information from Greenwood Industries, for its fiscal year ended ($ millions). Cash and cash equivalents, end of year Net cash from operations Net sales Stockholders' equity, end of year Cost of goods sold Net cash from financing Total liabilities, end of year Other expenses, including income taxes Noncash assets, end of year Net cash from investing Net income Effect of exchange rate changes on cash Cash and cash equivalents, beginning of year Net income Cost of goods sold REQUIRED a. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industries. Note: Do not use negative signs with your answers in the Income Statement. Net cash flows from operations $2,516.7 5,514.3 26,439.9 14,411.2 Greenwood Industries Income Statement ($ millions) # 17,245.1 (2,912.3) 31,798.9 5,878.7 43,693.4 (729.3) 3,316.2 (31.1) 675.0 # # ♦ + ♦ + $ $ $ 0 0 0 0 0 Greenwood Industries Balance Sheet (5…