I am having trouble with the following question, where do i


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I am having trouble with the following question, where do i start? Thanks I-16.03Student.xls I-16.03 Fred Slezak presented the following comparative balance sheet: FRED SLEZAK CORPORATION Comparative Balance Sheet December 31, 20X5 and 20X4 Assets 20X5 20X4 Current assets Cash $ 664,000 $ 9,000 Accounts receivable 375,000 345,000 Inventories 150,000 160,000 Prepaid expenses Total current assets 35,000 25,000 $ 1,224,000 $ 539,000 $ 300,000 $ 400,000 Property, plant, & equipment Land Building 700,000 700,000 Equipment 530,000 450,000 $ Less: Accumulated depreciation 1,530,000 $ (300,000) 1,550,000 (270,000) Total property, plant, & equipment $ 1,230,000 $ 1,280,000 Total assets $ 2,454,000 $ 1,819,000 $ 112,000 $ 119,000 Liabilities Current liabilities Accounts payable Interest payable Total current liabilities 2,000 $ 114,000 $ 119,000 Long-term liabilities Long-term note payable Total liabilities 80,000 – $ 194,000 $ 119,000 $ 700,000 $ 600,000 Stockholders’ equity Common stock ($1 par) Paid-in capital in excess of par 800,000 Retained earnings 760,000 400,000 700,000 Total stockholders’ equity $ 2,260,000 $ 1,700,000 Total liabilities and equity $ 2,454,000 $ 1,819,000 I-16.03 Additional information about transactions and events occurring in 20X5 follows: Dividends of $55,000 were declared and paid. Accounts payable and accounts receivable relate solely to purchases and sales of inventory. Prepaid items related only to advertising expenses. The decrease in land resulted from the sale of a parcel at a $45,000 loss. No land was purchased during the year. Equipment was purchased during the year in exchange for a promissory note payable. No equipment was sold. The increase in paid-in capital resulted from issuing additional shares for cash. The income statement for the year ending December 31, 20X5, included the following key amounts: Sales Cost of goods sold Salaries expense Advertising expense Depreciation expense Utilities expense Interest expense Loss on sale of land Income tax expense Net income $ 2,000,000 1,200,000 400,000 150,000 30,000 15,000 5,000 45,000 40,000 115,000 Prepare Fred Slezak’s statement of cash flows for the year ending 20X5. Use the indirect approach, and include required supplemental information about cash paid for interest and taxes. Name: Date: I-16.03 Section: FRED SLEZAK CORPORATION Statement of Cash Flows For the Year Ending December 31, 20X5 Cash flows from operating activities: $ – ### – $ – Cash flows from investing activities: $ – Cash flows from financing activities: $ – Net increase in cash $ Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 —————-Noncash investing/financing activities: 9,000 $ – $ – $ – —————-Supplemental information: – Name: Date: Section: I-16.03 Read more

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