Reference no: EM132497937
A comparative balance sheet for Bell Ltd. is presented as follows:
Assets Dec 31/17 Dec 31/16 Liabilities & S/H Equity Dec 31/17 Dec 31/16
Cash $ 251,000 $ 42,000 Accounts payable $ 91,000 $ 57,000
Accounts receivable (net) 107,000 81,000 Wages payable 3,000 7,000
Inventory 135,000 138,000
Equipment 515,000 319,000 Common shares, n.p.v. . . . 342,000 259,000
Acc. amort.,equipment (80,000) (100,000) Retained earnings 103,000 86,000
Total Assets $718,000 $487,000 Total Liabilities & S/H Equity $718,000 $487,000
During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000.
REQUIRED
Question 1: Prepare in good form the 2017 Cash Flow Statement for Bell Ltd.
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