Golf Universe is a regional and online golf equipment retailer. The company reported the following for the
Question:
Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year:
? Purchased a long-term investment for cash, $15,000
? Paid cash dividend, $12,000
? Sold equipment for $6,000 cash (cost, $21,000; accumulated depreciation, $15,000)
? Issued no-par common shares, 500 shares at $12 cash per share
? Net income was $20,200
? Depreciation expense was $3,000?
Its comparative balance sheet is presented below.
Required:
1. Using what you learned in Supplement 12B, complete a T-account worksheet to be used to prepare the statement of cash flows for the current year.
2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in proper format.
Step by Step Answer:
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh