Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $6,125 (details in b). b. Sold equipment costing $49,875, with accumulated depreciation of $31,125, for $12,625 cash. c. Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance. d. Pald $46,525 cash to reduce the long-term notes payable. e. Issued 2,600 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50.300. Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year.
Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $6,125 (details in b). b. Sold equipment costing $49,875, with accumulated depreciation of $31,125, for $12,625 cash. c. Purchased equipment costing $97,375 by paying $32,000 cash and signing a long-term notes payable for the balance. d. Pald $46,525 cash to reduce the long-term notes payable. e. Issued 2,600 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50.300. Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year.
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 1Q: Define each of the following terms:
Annual report; balance sheet; income statement
Common...
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