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The records of Beta Company provided the following data for the accounting period ended De

The records of Beta Company provided the following data for the accounting period ended De

The records of Beta Company provided the following data for the accounting period ended December 31, 2010.
Comparative Statement of Financial Position as December 31,….
Assets 2009 2010
$ $
Cash 30,000 75,000
Investment, short term 10,000 8,000
Accounts receivable 56,000 86,000
Inventory 20,000 30,000
Prepaid interest 0 2,000
Land 60,000 25,000
Machinery 80,000 90,000
Accumulated Depreciation (20,000) (26,900)
Other assets 29,000 39,000
265,000 328,100

Liabilities & Stockholders’ Equity
Accounts payable 39,000 54,000
Salaries payable 5,000 2,000
Income taxes payable 2,000 8,000
Bond payable 70,000 55,000
Common shares 100,000 130,000
Preferred shares 20,000 30,000
Retained earnings 29,000 49,100
265,000 328,100
Income Statement
For the year ended December 31, 2010.
$
Sales revenue 180,000
Cost of goods sold (90,000)
Depreciation Expense (6,900)
Salaries (33,900)
Interest expense (6,000)
Other expenses (4,000)
Gain on sale of land 18,000
Income tax expense (12,100)
Net income 45,100

Additional Information:
a. Issued bonds payable for cash, $5,000
b. Sold Land for $53,000 cash; book value,$35,000
c. Purchased machinery for cash, $10,000
d. Retired $20,000 bonds payable by issuing common shares; the common shares had a market value of $20,000
e. Acquired other assets by issuing preferred shares with a market value of $10,000
Statement of Retained earning
Balance, January 1, 2010 $29,000
Net income for 2010 45,100
Cash dividends (15,000)
Stock dividend issue (10,000)
Balance, December 31, 2010 49,100
Required
Prepare the Statement of Cash flows for the year to December 31, 2010 using the direct method.

Roshan kumar 10-Nov-2017

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