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1 RSM220 Financial Accounting The Cash Flow Statement Victor Newman, CEO of Newman Enterprises Ltd., has an appointment with the bank today to arrange a loan to take advantage of another takeover. To prepare for the meeting, he reviewed the documents Neil Winters, the accountant, had dropped off for him to take to the bank. It was then that he realized all Neil Winters had given him was comparative balance sheets for three years and a list of cash disbursements for two years. The bank had specifically asked for a full set of financial statements (Balance Sheets, Income Statements, and Cash Flow Statements for two years.) Victor Newman asked you to prepare the Income Statements and Cash Flow Statements for the years ending 2010 and 2009. He gave you the work that Winters had completed. It is shown below. CASH DISBURSEMENTS 2009 2010 Rent payments $ 26,000 $ 38,000 Insurance premiums paid 14,000 16,000 Wages paid 80,000 78,000 Loan payments 15,000 Payments to suppliers (for inventory) 150,000
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