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ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021

ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021
Transcribed Image Text:ABC Pic Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries and Wages Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 731,000 884,000 34,000 391,000 34,000 17,000 408,000 110,500 AED 297,500 Additional Information: During the year, ABC sold equipment with an original cost of AED153,000 and accumulated depreciation of AED119,000 and purchased new equipment for AED272,000. Payment of dividends was AED136,000. REQUIRED: Prepare a statement of cash flows for the year ending May 31, 2021
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