Dupr Corp. is a private company reporting under ASPE. The following selected accounts are from the general
Question:
Dupré Corp. is a private company reporting under ASPE. The following selected accounts are from the general ledger for the year ended December 31, 2014:
Additional information:
July 31 Equipment was purchased for cash.
Sept. 2 Equipment was purchased and partially financed through the issue of a note.
Aug. 23 A cash dividend was paid.
Nov. 10 A loss of $3,000 was incurred on the sale of equipment.
Dec. 2 A partial payment on the note payable was made plus $375 of interest.
Dec. 31 Depreciation expense was recorded for the year.
Dec. 31 Closing entries were recorded.
Instructions
From the postings in the above accounts and additional information provided, indicate what information would be reported in the investing and/or financing activities sections of the cash flow statement, including any required note disclosure.
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
Step by Step Answer:
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow