Question: please reply to me as soon as possible Consider the financial statements for Ace Inc. Identify the sources of cash and uses of cash for

Consider the financial statements for Ace Inc. Identify the sources of cash and uses of cash for each year. Create a sources and uses statement. Complete the sources and uses statement below: (Round to the nearest integer.) Statement of Sources and Uses of Cash ($ 000) Sources of cash Total uses of cash Uses of cash Increase (decrease) in cash Beginning cash Ending cash Choose from any list or enter any number in the input fields and then continue to the next question. Ace Inc. Income Statements (5000s) Year 1 Sales $250,080 Cost of goods sold 165,350 Gross margin 84,730 Selling & admin expenses 67,550 Depreciation 13,970 Operating income 3.210 Interest expense 880 Profit before tax 2,330 Income tax (at 35%) 816 Net income $1.514 Year 2 $290,700 173,150 117,550 75,050 13,450 29,050 800 28,250 9,888 $18,362 Common dividend paid $1,120 $1,120 Ace Inc. Balance Sheets at December 31 ($000s) Year 1 Year 2 Cash $2,380 $5,942 Accounts receivable 30,870 32,080 Inventories 18,280 21,000 Total current assets 51,530 59,022 Net property & equipment 20.820 24,560 Total assets $72,350 $83,582 Notes payable: bank Accounts payable Total current liabilities Long-term debt Common equity Total liabilities and equity $20,010 13,870 33,880 21,670 16.800 $72,350 $12,130 16,460 28,590 20,950 34,042 $83,582
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