The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year $391,000 $376,000 266,000 554,300 567,800 693,000 672,400 27,000 24,000 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income staterent for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: 1 Long-term investments Property, plant and equipment Bonds payable Common stock Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Accounts Payable (creditors) $30,000 60,000 50,000 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows-Using the indirect method to prepare the operating activities section

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define warehouse receipt financing

A: A warehouse receipt is a document of proof about the ownership of goods kept in that warehouse.

Q: Define acquiring company

A: The acquisition means when one company buys the more than 51% stake in another company. Companies…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is