Balance Sheet December 31, 20X6 (with comparative figures for 20X5) 20X6 20X5 $ - $ 25,000 32,000 48,000 15,000 170,000 45,000 $ 245,000 $ 212,000 Cash 24,000 60,000 8,000 150,000 30,000 Accounts receivable Inventory Long term investments Property, plant, & equipment Less: accumulated depreciation Total Assets $ 8,000 16,000 35,000 30,000 123,000 Bank overdraft $ 24,000 30,000 30,000 161,000 $ 245,000 $ 212,000 Accounts payable Notes payable Common shares Retained earnings Total liabilities and equity Given the balance sheet above, prepare a statement of cash flows for Companion Enterprises Ltd. using the indirect method. Net income for 20X6 was $88,000. There were no disposals of capital assets or long-terminvestments.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Balance Sheet
December 31, 20X6
(with comparative figures for 20X5)
20X6
$ 25,000
32,000
48,000
15,000
20X5
$ -
24,000
60,000
8,000
150,000
30,000
$ 245,000 $ 212,000
Cash
Accounts receivable
Inventory
Long term investments
Property, plant, & equipment
Less: accumulated depreciation
170,000
45,000
Total Assets
$ 8,000
16,000
35,000
30,000
123,000
$ 245,000 $ 212,000
Bank overdraft
$
24,000
Accounts payable
Notes payable
Common shares
30,000
30,000
161,000
Retained earnings
Total liabilities and equity
Given the balance sheet above, prepare a statement of cash flows for Companion
Enterprises Ltd. using the indirect method. Net income for 20X6 was $88,000.
There were no disposals of capital assets or long-terminvestments.
Transcribed Image Text:Balance Sheet December 31, 20X6 (with comparative figures for 20X5) 20X6 $ 25,000 32,000 48,000 15,000 20X5 $ - 24,000 60,000 8,000 150,000 30,000 $ 245,000 $ 212,000 Cash Accounts receivable Inventory Long term investments Property, plant, & equipment Less: accumulated depreciation 170,000 45,000 Total Assets $ 8,000 16,000 35,000 30,000 123,000 $ 245,000 $ 212,000 Bank overdraft $ 24,000 Accounts payable Notes payable Common shares 30,000 30,000 161,000 Retained earnings Total liabilities and equity Given the balance sheet above, prepare a statement of cash flows for Companion Enterprises Ltd. using the indirect method. Net income for 20X6 was $88,000. There were no disposals of capital assets or long-terminvestments.
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