Use the following data for ABC Music Co. to prepare a statement of cash flows using the indirect method for the year ended June 30 2016.ABC Music Co.Income StatementFor the Year Ended June 30 2016Net Sales $350000Less Expenses Cost of Goods Sold $200000 Depreciation Expense 20000 Administrative Expenses 52000 Selling Expenses 45000 Loss on Sale of Investment 500 Total Expenses 317500Net Income $ 32500ABC Music Co.Comparative Balance SheetsJune 30 2016 and 2015Assets 2016 2015Cash 4500 $ 15000Accounts Receivable (net) 35000 27500Inventory 40000 50000Prepaid Expenses 3000 2500Long Term Investments 20000 25000Plant and Equipment 80000 40000Accumulated Depreciation (20000) (12000)Total Assets $162500 $148000LiabilitiesAccounts Payable $ 2000 $ 6000Wages Payable 220 260Taxes Payable 780 740Notes Payable 20000 12000Total Liabilities $23000 $ 19000Stockholders EquityCommon Stock $ 65000 $ 65000Retained Earnings 81500 64000Total Paid in Capital and Retained Earnings 146500 129000 Less: Treasury Stock ( 7000) 0Total Stockholders Equity $139500 $129000Total Liabilities and Stockholders Equity $162500 $148000Additional Information: A plant asset costing $20000 was sold for its book value of $8000. And additional plant asset was purchased for $60000. A long term investment was sold for $4500. The outstanding notes are long term. An $8000 note was issued during 2016. Common stock was repurchased.
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BENCHMARK – EFFECTS OF CHILDHOOD TRAUMA WORKSHEET
Academic Level University Subject Healthcare Type of Paper Other (Not listed) Paper Format APA Assessment Traits Benchmark Requires Lopeswrite Assessment Description Complete the “Effects of Childhood Trauma Worksheet” document attached. While APA format is not Read more…