The comparative financial statements for Halley Company for 2018 and 2019 are presented below.
|Comparative Balance Sheets|
|For years ended 2018 and 2019|
|June 30 2019||June 30 2018|
|Buildings and equipment (at cost)||845,000||790,000|
|Less: Accumulated depreciation||(514,000)||(460,000)|
|Liabilities and Share Equity|
|Total Liabilities and Share Equity||952,000||926,000|
|Statement of Profit and Loss|
|for the year 2019|
|Cost of goods sold||(788000.00)|
|Wages and Salaries||280,000|
|Additions to Retained earnings||34000.00|
|Retained earnings, Jun 30 2018||140000.00|
|Retained earnings, Jun 30 2019||174000.00|
- All Sales to customers are made on credit.
- There have been no sales of Building and Equipment during 2019.
Bill Bailey, the CEO of Halley Company is most concerned. Although he has made a profit of $44,000 in 2019 his cash balance during the year has increased by only $1,000.
Please cash flow statement using indirect method.
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