Exercise 1: (40 points) The company shows the following balances for certain current assets and current liabilities acco

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Exercise 1 40 Points The Company Shows The Following Balances For Certain Current Assets And Current Liabilities Acco 1 (91.03 KiB) Viewed 34 times

Exercise 1: (40 points) The company shows the following balances for certain current assets and current liabilities accounts at January 1, 2021 and December 31, 2021. Account Jan 1 Dec 31 Inventory 21,200 1,500 6,500 Accounts receivable 22,600 Accounts payable 12,000 46,000 Salaries payable 12,600 18,000 Taxes payable 17,000 16,000 During the year, the company obtained a net income of $132,000 This net income includes the loss of $21,000 obtained in the sale of a plant asset. This asset was sold for a total price of $54,000, Besides this, the company had recorded during year 2021 a depreciation expense of $34,000. Also, during the year 2021 the company paid dividends for $20,000 to its stockholders and issued 10% preferred stocks for a total amount of $90,000. The preferred stocks dividends have been paid on December 31, 2021. During year 2021, the company repaid a note payable for $19,000. On January 1st, 2021, the balance of the cash account was $227,000 1.- Prepare a statement of cash flow separating cash flows from operating, investing and financing activities (30 points) 2.- Calculate the balance of the cash account at December 31. (10 points)