Question: Selected financial statement information and additional data for Star Co. is presented below. Prepare a statement of cash flows for the year ending December 31,
Selected financial statement information and additional data for Star Co. is presented below.
Prepare a statement of cash flows for the year ending December 31, 2019
December 31
2018 2019
Land ..................................................... 63,800 63,800
Equipment ............................................ 504,000 504,000
Inventory .............................................. 173,000 201,600
Accounts receivable (net) ..................... 84,000 151,200
Cash..................................................... 120,800 179,400
TOTAL...................................... 945,600 1,100,000
Share capitalordinary.......................... 500,000 500,000
Retained earnings ................................ 76,000 201,000
Notes payable - Long-term ................... 168,000 168,000
Notes payable - Short-term (trade) ....... 67,200 29,400
Accounts payable ................................. 50,400 86,000
Accumulated depreciation .................... 84,000 115,600
TOTAL...................................... 945,600 1,100,000
Additional data for 2019:
1. Net income was 210,000.
2. Depreciation was 31,600.
4. Dividends of 85,000 were paid
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