ber 31. Combine all the operanngincome statement for selling, general and administrative expenses.P4-4A. Preparing the Financial Statements Listed below are iterns eported on the financial statements fthe Irvine Company as of June 30, 2019:Cash flow provided by operating activities. . . . . . . $39,000Cash at June 30, 2018. . .Cash at June 30, 2019.. . .Other long-term assets. . ..Cash flow from financing activities..Current liabilities....Long-term liabilities. ...Intangible assets. . . .$17,5008,00038,0001,30024,000.. 16,250Inventory....Accounts receivable..Cash flow from investing activities...Other current assets. ..Property, plant and equipment. . . .5,50015,200(10,300)1,50060,0009,50060,000Common stock . . . . .Retained earnings ..?long termsbiltes=nancurcnt leb

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Asked Sep 26, 2019
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How do you set it up as a balance sheet and statement of cash flows

ber 31. Combine all the operanng
income statement for selling, general and administrative expenses.
P4-4A. Preparing the Financial Statements Listed below are iterns eported on the financial statements f
the Irvine Company as of June 30, 2019:
Cash flow provided by operating activities. . . . . . . $39,000
Cash at June 30, 2018. . .
Cash at June 30, 2019.. . .
Other long-term assets. . ..
Cash flow from financing activities..
Current liabilities....
Long-term liabilities. ...
Intangible assets. . . .
$17,500
8,000
38,000
1,300
24,000
.. 16,250
Inventory....
Accounts receivable..
Cash flow from investing activities...
Other current assets. ..
Property, plant and equipment. . . .
5,500
15,200
(10,300)
1,500
60,000
9,500
60,000
Common stock . . . . .
Retained earnings ..
?
long term
sbiltes=nancurcnt leb
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ber 31. Combine all the operanng income statement for selling, general and administrative expenses. P4-4A. Preparing the Financial Statements Listed below are iterns eported on the financial statements f the Irvine Company as of June 30, 2019: Cash flow provided by operating activities. . . . . . . $39,000 Cash at June 30, 2018. . . Cash at June 30, 2019.. . . Other long-term assets. . .. Cash flow from financing activities.. Current liabilities.... Long-term liabilities. ... Intangible assets. . . . $17,500 8,000 38,000 1,300 24,000 .. 16,250 Inventory.... Accounts receivable.. Cash flow from investing activities... Other current assets. .. Property, plant and equipment. . . . 5,500 15,200 (10,300) 1,500 60,000 9,500 60,000 Common stock . . . . . Retained earnings .. ? long term sbiltes=nancurcnt leb

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Expert Answer

Step 1

Prepare balance sheet for Company I as ...

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Company I Balance sheet As on June 30, 2019 Amount (S) Amount (S) Assets Current assets: Cash Accounts receivable Inventory Other current assets Total current Assets Fixed assets: Property, plant and equipment Long-term assets: Other long-term assets 38,000 15,200 5.500 1500 60,200 60,000 17,500 Other assets: Intangible asset 9,500 Total assets 147.200 Liabilities and stockholders' equity Liabilities: Current liabilities Long-tem liabilities Total Liabilities Stockholders' Equity: Common stock Retained Eamings Total Stockholders' Equity Total liabilities and stockholders' equity 24,000 16,250 40,250 60,000 46.950 106,950 147,200 Working note: Calculate retained eamings Total assets-Current liabilities ong-term liabilities-Common stock Retained eamings $147.200-$24,000 $16,250-$60,000 -$46,950

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