Answer to Question #58853 in Accounting for Asif

Question

From the following data of ABC Enterprises, prepare statement of cash flows and balance sheet and income statement through cash basis of accounting and accrual basis of accounting and discuss the result

- Invested $ 700 Equity
- Purchased plain T-Shirts for $ 5 each
- Fixed Screen cost $ 100
- Variable Print cost $ 0.75 per T-Shirt
- Sold 25 T-Shirts at $ 10 each on cash
- Sold 25 T-Shirts at $ 10 each on credit