Primorsk Company began the year 20x7 with cash of $55,900. In addition to earning a net income

Question:

Primorsk Company began the year 20x7 with cash of $55,900. In addition to earning a net income of $32,500 and making cash withdrawals of $19,500, Primorsk borrowed $78,000 from the bank and purchased equipment with $117,000 of cash. Also, increased by $7,800, and increased by $11,700. Determine the amount of cash on hand at December 31, 20x7, by preparing a statement of cash flows similar to the one in Exhibit 4?
Accounts Payable
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