5:37 1 va LTE 9 X AC 112 Assignment #4.pdf .. AC 112 Assignment Statement of Cash Flows The following information is available for the ARCCO, Misc. Data Sold equipment for $31000 cash Purchased equip, costing $125 000 with $25 000 cash and $100,000 trade in old equip Borrowed $7,000 cash by signing a note payable Paid $39.000 cash to reduce long-term notes payable Issued 1,500 shares of common stock at $12 per share. Declared and paid $6,000 cash dividends. ABC Corp. Comparative Balance Sheet December 31, 2012 2012 2011 Assets Current Assets Cash Accounts Receivable Merchandise inventory Prepaid Expenses Plant Assets Equipment Accumulated Depreciation Equipment) Total Assets $887200 $75.000 $242.000 $14,000 $72.000 583 200 $265.000 $17.500 $265.000 $111.000) $1,372,200 $194 300 596.000) $537.000 $17.500 $95.000 Liabilities and Equity Current Liabilities Accounts Payable Long-Term Liabilities Notes Payable Equity Common Stock. $12 P Contributed Capital Retained Earnings Total Liabilities and Equity 583.000 $73.000 $199.000 $212.000 $23.000 $1.036 700 $1.372 200 5169.000 $537 000 ABC Corp Income Statement For the Year Ended December 31, 2012 Sales Cost of Goods Sold $1.670.000 S40 000 5:37 1 .: LTE B x AC 112 Assignment #4.pdf ... 2 of 2 ABC Corp Income Statement For the Year Ended December 31, 2012 $1670 000 Sales Cost of Goods Sold $120.000 Gross Profit Operating Expenses Depreciation Expense Other Expenses $47.000 $355 000 Total operating expenses Other gains (losses) Loss on Sale of Equipment S 500 Income before taxes Income taxes 132.00 Net Income Required 1. Prepare the Statement of Cash Flows