You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information. 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about each line item. 2. Prepare an income statement for 2021 and 2022 for the company. 3. For the year ending 2022, determine the Net New Equity, Change in Net Working Capital, Net Capital Spending and Operating Cash flow.
You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information. 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about each line item. 2. Prepare an income statement for 2021 and 2022 for the company. 3. For the year ending 2022, determine the Net New Equity, Change in Net Working Capital, Net Capital Spending and Operating Cash flow.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSA
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You work as a freelance accounting professional and have been
recently engaged by the auditors of Life-Positive Inc. for an
assignment. In examining the company’s records, you have extracted
the following information.
1. Prepare a
clearly showing information about each line item.
2. Prepare an income statement for 2021 and 2022 for the company.
3. For the year ending 2022, determine the Net New Equity, Change
in Net
flow
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