Metro Video Inc
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I cannot figure out how to do the cash flow statement. Please see the attached document. I don't know where the numbers are supposed to be coming from and I can't get what I have to add up correctly. Thanks for your help!
METRO VIDEO, INC.
Balance Sheet at December 31
31/12/2004 31/12/2003 Change
BALANCE SHEET
Cash
Accounts receivable
Merchandise inventory
Property and equipment
Less: Accumulated depreciation
Total
Accounts payable
Wages payable
Note payable-long term
Contributed capital
Retained earnings
Total
Income statement for 2004
Sales
Cost of goods sold
Depreciation expense
Other expenses
Net income
METRO VIDEO, INC.
Statement of Cash Flows
For the Year Ended December 31, 2004
Cash flows from operating activities:
Net income
Adjustments to reconcile net income
operating activities:
Depreciation expense
Decrease in accounts receivable
Increase in merchandise inventory
Decrease in accounts payable
Increase in wages payable
Total adjustments
Net cash provided by operating activities 53000
Cash flows from investing activities:
Cash payment to purchase fixed assets
Cash flows from financing activities:
Cash payments on long-term note
Cash payments for dividends
Cash receipts from issuing stock
Net cash provided by financing activities
Net increase in cash during the year
Cash balance, January 1, 2004
Cash balance, December 31, 2004
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Solution Summary
The solution explains how to prepare the balance sheet and statement of cash flows for Metro Video
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Please see the attached file. The mistake relates to the use of signs. We are starting with ...
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