Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment...

 

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Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment Inventory Accounts receivable Cash Total Equity and Liabilities Share capital ordinary (€1 par) Retained earnings Bonds payable Accounts payable Total 2017 € 75,000 250,000 (66,000) 180,000 85,000 58,000 €582,000 €214,000 184,000 150,000 34,000 €582,000 2016 €100,000 200,000 (42,000) 187,000 76,000 22,000 €543,000 €164,000 134,000 200,000 45,000 €543,000 Additional information: 1. Net income for 2017 was €120,000. 2. Cash dividends of €70,000 were declared and paid. 3. Bonds payable amounting to €50,000 were redeemed for cash €50,000. 4. Ordinary shares were issued for €50,000 cash. 5. Depreciation expense was €24,000. 6. Sales for the year were €978,000. Required Prepare a worksheet for a statement of cash flows for 2017 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry. Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment Inventory Accounts receivable Cash Total Equity and Liabilities Share capital ordinary (€1 par) Retained earnings Bonds payable Accounts payable Total 2017 € 75,000 250,000 (66,000) 180,000 85,000 58,000 €582,000 €214,000 184,000 150,000 34,000 €582,000 2016 €100,000 200,000 (42,000) 187,000 76,000 22,000 €543,000 €164,000 134,000 200,000 45,000 €543,000 Additional information: 1. Net income for 2017 was €120,000. 2. Cash dividends of €70,000 were declared and paid. 3. Bonds payable amounting to €50,000 were redeemed for cash €50,000. 4. Ordinary shares were issued for €50,000 cash. 5. Depreciation expense was €24,000. 6. Sales for the year were €978,000. Required Prepare a worksheet for a statement of cash flows for 2017 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry.

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A BUDEF C G H 1 J K L M 1 Info C D E L 2 A B 3 I Info 123 Assets Land Equipment Accumulated deprecia... View the full answer