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ABC Company

Comparative Statement of Financial Position


December 31
Assets 2018 2017
Equipment 265,000 242,500
Accum. Depreciation - equipment (47,000) (52,000)
Long-term investment 140,000 114,000
Prepaid expense 29,300 26,000
Inventory 112,500 102,850
Account Receivable 92,800 33,000
Cash 100,350 48,400
Total 692,950 514,750

Equity and Liabilities 2018 2017


Share Capital Ordinary 220,000 175,000
Retained Earning 234,450 105,450
Bonds Payable 110,000 150,000
Account Payable 112,000 67,300
Accrued Expense Payable 16,500 17,000
Total 692,950 514,750
ABC Company
Income Statement
For the Year Ended December 31, 2018
Sales Revenue 392,780
Gain on disposal of plant asset 5,000 397,780

Less :
Cost of good sold 135,460
Operating expense ( excluding depreciation) 12,410
Depreciation expense 45,000
Income tax expense 27,280
Interest expense 4,730
224,880
Net Income 172,900

Additional Information :
1. New equipment costing 80.000 was purchased for cash during the year
2. Old equipment having an original cost 57.500 and accumulated depreciation of 50.000 was sold for 12.500 cash
3. Bonds payable matured and were paid off at face value for cash
4. A cash dividend 43.900was declared and paid during the year
sold for 12.500 cash
ABC Company
Comparative Statement of Financial Position
December 31
Assets 2018 2017
Equipment 265,000 242,500 22,500
Accum. Depreciation - equipment (47,000) (52,000) 5,000
Long-term investment 140,000 114,000 26,000
Prepaid expense 29,300 26,000 3,300
Inventory 112,500 102,850 9,650
Account Receivable 92,800 33,000 59,800
Cash 100,350 48,400 51,950
Total 692,950 514,750

Equity and Liabilities 2018 2017


Share Capital Ordinary 220,000 175,000 45,000
Retained Earning 234,450 105,450 129,000
Bonds Payable 110,000 150,000 40,000
Account Payable 112,000 67,300 44,700
Accrued Expense Payable 16,500 17,000 500
Total 692,950 514,750
ABC Company
Income Statement
For the Year Ended December 31, 2018
Sales Revenue 392,780
Gain on disposal of plant asset 5,000 397,780

Less :
Cost of good sold 135,460
Operating expense ( excluding depreciation) 12,410
Depreciation expense 45,000
Income tax expense 27,280
Interest expense 4,730
224,880
Net Income 172,900

Additional Information :
1. New equipment costing 80.000 was purchased for cash during the year
2. Old equipment having an original cost 57.500 and accumulated depreciation of 50.000 was sold for 12.500 cash
3. Bonds payable matured and were paid off at face value for cash
4. A cash dividend 43.900was declared and paid during the year
ABC Company
Statement of Cash Flow
For the Year Ended Dec 31, 2018

Cash Flow from Operating Activities


Cash receipt from customer 332,980
Less : Cash Payments
To Suppliers 100,410
For Operating Expense 16,210
For Interest 4,730
For Income Taxes 27,280 148,630
Net Cash Provided by Operating Activities 184,350

Cash Flow from Investing Activities


Purchase of Equipment (80,000)
Sale of Equipment 12,500
Purchase of Long Term Investment (26,000) (93,500)
or 12.500 cash Net Cash Provided by Investing Activities 90,850

Cash Flow from Financing Activities


Redemption of Bonds Payable (40,000)
Payment of cash dividend (43,900)
Sale of Share capital Ordinay 45,000 (38,900)
Net Increase in cash 51,950
Cash at Beginning of period 48,400
Cash at End of period 100,350