EXERCISE/2: The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, and Year 2012, and its statement of income year ended December 31, 2012, follow: Al-Iraq CORPORATION Balance Sheets December 31, Year 2011 and Year 2012 31/12/2011 Item (Amounts in millions of dinars) Assets: Cash Accounts receivable Inventories Prepaid expenses Land Plant and equipment Cars Accumulated depreciation Patented Total assets Liabilities and Equity : Accounts payable Accrued expenses long term loans Sahre capital Share premium Retained earnings Total liabilities and equity. Net Sales Cost of goods sold Cross Profit..... Operating expense...... Net income ******* 144 198 336 24 ********** 160 300 200 (183) 120 1299 261 198 285 450 105 1299 396 (192) 204 31/12/2012 (114) 90 162 180 330 27 286 500 150 (258) 105 1482 225 204 Al-Iraq CORPORATION Income Statement For Year Ended December 31, Year 92012 900 18 135 1482 Additional information: 1. The CORPORATION issued shares to increase its capital by 45 millions dinars 2. Share premium is related to the new share Required: Prepare a statement of cash flows (indirect method) for the year ended December 31, Year 2012
EXERCISE/2: The balance sheets of Al-Iraq Corporation as of December 31, Year 2011, and Year 2012, and its statement of income year ended December 31, 2012, follow: Al-Iraq CORPORATION Balance Sheets December 31, Year 2011 and Year 2012 31/12/2011 Item (Amounts in millions of dinars) Assets: Cash Accounts receivable Inventories Prepaid expenses Land Plant and equipment Cars Accumulated depreciation Patented Total assets Liabilities and Equity : Accounts payable Accrued expenses long term loans Sahre capital Share premium Retained earnings Total liabilities and equity. Net Sales Cost of goods sold Cross Profit..... Operating expense...... Net income ******* 144 198 336 24 ********** 160 300 200 (183) 120 1299 261 198 285 450 105 1299 396 (192) 204 31/12/2012 (114) 90 162 180 330 27 286 500 150 (258) 105 1482 225 204 Al-Iraq CORPORATION Income Statement For Year Ended December 31, Year 92012 900 18 135 1482 Additional information: 1. The CORPORATION issued shares to increase its capital by 45 millions dinars 2. Share premium is related to the new share Required: Prepare a statement of cash flows (indirect method) for the year ended December 31, Year 2012
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 75E
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