Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000...




Diamond Corp. has provided the following information for the year ended December 31, 2018.<br>Diamond Corp<br>Comparative Balance Sheet<br>December 31, 2018 and 2017<br>Increase<br>2018<br>2017<br>(Decrease)<br>$33,000<br>29,000<br>56,000<br>126,000<br>$244,000<br>$13,000<br>36,000<br>29,000<br>92.000<br>$170,000<br>$20,000<br>(7,000)<br>27,000<br>34.000<br>$74.000<br>Cash<br>Accounts Receivable<br>Merchandise Inventory<br>Plant Assets, net<br>Total Assets<br>Accounts Payable<br>$9,000<br>7,000<br>70,000<br>86.000<br>$13,000<br>3,000<br>79,000<br>95.000<br>$(4,000)<br>4,000<br>(9,000)<br>(9.000)<br>Accrued Liabilities<br>Long-term Notes Payable<br>Total Liabilities<br>Common Stock<br>Retained Earnings<br>Treasury Stock<br>Total Stockholders' Equity<br>Total Liabilities and Stockholders' Equity<br>52,000<br>37,000<br>(6,000<br>83,000<br>$74.000<br>55,000<br>115,000<br>(12.000)<br>158,000<br>$244.000<br>3,000<br>78,000<br>(6,000)<br>75,000<br>$170,000<br>Diamond Corp<br>Income Statement<br>Year ended December 31, 2018<br>$291,300<br>1,000<br>6.000<br>Sales Revenue<br>Interest Revenue<br>Gain on Sale of Plant Assets<br>$298,300<br>Total Revenues and Gains<br>Cost of Goods Sold<br>Salaries and Wages Expense<br>Depreciation Expense-Plant Assets<br>Other Operating Expense<br>Interest Expense<br>Income Tax Expense<br>Total Expenses<br>145,000<br>49,000<br>16,000<br>25,000<br>3,500<br>7.800<br>246,300<br>$52.000<br>Net Income<br>

Extracted text: Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000 29,000 56,000 126,000 $244,000 $13,000 36,000 29,000 92.000 $170,000 $20,000 (7,000) 27,000 34.000 $74.000 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable $9,000 7,000 70,000 86.000 $13,000 3,000 79,000 95.000 $(4,000) 4,000 (9,000) (9.000) Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,000 37,000 (6,000 83,000 $74.000 55,000 115,000 (12.000) 158,000 $244.000 3,000 78,000 (6,000) 75,000 $170,000 Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses 145,000 49,000 16,000 25,000 3,500 7.800 246,300 $52.000 Net Income
Diamond Corp<br>Income Statement<br>Year ended December 31, 2018<br>$291,300<br>1,000<br>6.000<br>Sales Revenue<br>Interest Revenue<br>Gain on Sale of Plant Assets<br>$298,300<br>Total Revenues and Gains<br>Cost of Goods Sold<br>145,000<br>49,000<br>16,000<br>25,000<br>3,500<br>7,800<br>Salaries and Wages Expense<br>Depreciation Expense-Plant Assets<br>Other Operating Expense<br>Interest Expense<br>Income Tax Expense<br>Total Expenses<br>Net Income<br>246,300<br>$52.000<br>Additional information provided by the company includes the following:<br>Equipment costing $60,000 was purchased for cash.<br>Equipment with a net book value of $10,000 was sold for a gain of $6,000.<br>During 2018, the company repaid $43,000 of long-term notes payable.<br>During 2018, the company borrowed $34,000 on a new long-term note payable.<br>Prepare the 2018 statement of cash flows, using the indirect method.<br>

Extracted text: Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold 145,000 49,000 16,000 25,000 3,500 7,800 Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses Net Income 246,300 $52.000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.

Jun 02, 2022
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