Problem: Construct a simple cash flow statement, a balance sheet, and an income statement for XYZ Corporation after 12 months of operations, assuming the following details:
A paid-in capital of $200,000
Monthly revenue of $150,000
Cost of goods at $50,000 per month
Overhead of $60,000 per month
An average A/R of 60 days (2 months)
Average A/P of 30 days (1 month), with a one-time $300,000 investment in plant and equipment financed by a $250,000 12-year promissory note with 10% interest and $50,000 non-interest bearing promissory note payable in 2 years