The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown
Question:
The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown as follows:
a. The investments were sold for $135,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common shares were issued for cash.
e. There was a $76,320 credit to Retained Earnings for net income.
f. There was a $51,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows using the indirect method of presenting cash flows from operating activities. Use of the spreadsheet is optional.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
Question Posted: