Martin service company began the year 2010 with cash of $55,900. In addition to earning...
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Martin service company began the year 2010 with cash of $55,900. In addition to earning a net income of $38,000 and making cash withdrawals of $19,500, the company borrowed $78,000 from the bank and purchased equipment with $125,000 of cash. Also, accounts Receivable increased by $7,800 and accounts payable increased by $11,700. Determine the amount of cash on hand at December 31, 2010 by preparing a statement of cash flows similar to the one in exhibit 1-4 .
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