Comparative statements of financial position for ABC Ltd. are shown below (ABC follows ASPE): ABC LTD....

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Comparative statements of financial position for ABC Ltd. are shown below (ABC follows ASPE): ABC LTD. Statements of Financial Position Decermber 31 2020 $ 44,800 $ 52,300 48,000 2019 Cash Accounts receivable (net). Inventory Long-term investments. Property, plant & equipment. Accumulated depreciation. Total Assets 20,000 34,000 40,000 15,000 230,000 150,000 (30,000) (25,000) $ 326,800 $ 252,300 Accounts payable.. Accrued current liabilities.. Long-term notes payable. Common shares Retained earnings. Total Liabilities & Shareholders' Equity $ 18,100 14,000 115,000 90,000 89,700 $ 326.800 $252,300 $6,300 12,000 55,000 90,000 89.000 Additional information for 2020: 1. Long-term investments were sold in the year, resulting in a gain of $20,000 2 Net income was $79,300. 3. Paid cash dividends. 4. Did not sell any property, plant and equipment during the year ABC LTD. Statement of Cash Flows Year ended December 31, 2020 Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Cash provided by (used in) operating activities Investing activities Cash provided by (used in) investing activities Financing activities Financing activities Cash provided by (used in) financing activities Net increase (decrease) in cash Cash, January 1 Cash, December 31 Comparative statements of financial position for ABC Ltd. are shown below (ABC follows ASPE): ABC LTD. Statements of Financial Position Decermber 31 2020 $ 44,800 $ 52,300 48,000 2019 Cash Accounts receivable (net). Inventory Long-term investments. Property, plant & equipment. Accumulated depreciation. Total Assets 20,000 34,000 40,000 15,000 230,000 150,000 (30,000) (25,000) $ 326,800 $ 252,300 Accounts payable.. Accrued current liabilities.. Long-term notes payable. Common shares Retained earnings. Total Liabilities & Shareholders' Equity $ 18,100 14,000 115,000 90,000 89,700 $ 326.800 $252,300 $6,300 12,000 55,000 90,000 89.000 Additional information for 2020: 1. Long-term investments were sold in the year, resulting in a gain of $20,000 2 Net income was $79,300. 3. Paid cash dividends. 4. Did not sell any property, plant and equipment during the year ABC LTD. Statement of Cash Flows Year ended December 31, 2020 Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Cash provided by (used in) operating activities Investing activities Cash provided by (used in) investing activities Financing activities Financing activities Cash provided by (used in) financing activities Net increase (decrease) in cash Cash, January 1 Cash, December 31

Answer rating: 100% (QA)

ABC LTD Statement of Cash Flows For the Year ended December 31 2020 A Cash Flows from Operating Acti... View the full answer