with Question 2 and 3 show working out 1. Reconstruct the company’s comparative balance sheet for 2013/2014 using the information in

Excerpt
taxes Income tax expense 520,000 180,000 Net Income Notes Acquisition of plant asset during 2014 Sale proceed from sale of equipment Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 340,000 320,000 120,000 10,000 100,000 100,000 100,000

with Question 2 and 3 show working out 1. Reconstruct the company’s comparative balance sheet for 2013/2014 using the information in line with your surname initial and compute and show the missing figures to include the appropriate sign as a positive or negative 2. Wch category of the statement of cash flow is considered as the most important? Why? 3. Prepare a complete statement of cash flows for 2014 using the indirect method using the information in line with your surname initial. Transcribed Image Text: Simple Tngs Industries Ltd.
Comparative Balance Sheet
December 31, 2014 and 2013
2014
2013 Increase/(Decrease)
Assets
Cash
175,000
15,000
?
Accounts Receivable
230,000
220,000
?
Inventories
310,000
340,000
?
Prepaid expenses
Intangible assets
Equipment, net
Total Assets
30,000
10,000
105,000
860,000
1,710,000
105,000
?
830,000
1,520,000
Liabilities
Accounts payable
90,000
140,000
Accrued liabilities
190,000
160,000
Income tax payable
120,000
140,000
?
Long-term notes payable
Stockholders’ Equity
Common Stock
Retained earnings
Treasury stock
Total liabilities and stockholders’ equity 1,710,000
360,000
450,000
400,000
250,000
?
640,000
400,000
(90,000)
(20,000)
1,520,000
?
Simple Tngs Industries Ltd
Income Statement
Year Ended December 31,2014
Revenues and gains:
1,900,000
20,000
Sales revenue
Gain on sale of equipment
Total revenues and gains
1,920,000
Expenses
Cost of goods sold
Depreciation expense
Other operating expense
Total expenses
850,000
190,000
360,000
1,400,000
Income before income taxes
Income tax expense
520,000
180,000
Net Income
Notes
Acquisition of plant asset during 2014
Sale proceed from sale of equipment
Receipt for issuance of notes payable
Payment for note payable
Dividend paid
Book value of equipment sold
340,000
320,000
120,000
10,000
100,000
100,000
100,000

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