Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

2 6 . The following are partial comparative balance sheets for Wells Fargo Company. Wells Fargo Company Balance Sheets as of December 3 1 Assets

26. The following are partial comparative balance sheets for Wells Fargo Company.
Wells Fargo Company
Balance Sheets
as of December 31
Assets 20242023
Inventory 690,000600,000
Equipment 0500,000
Accumulated depreciation 80,000400,000
Long-term investments 200,000300,000
Accounts payable $825,000 $720,000
Bonds payable 295.0000
Common stock, $10 par 800,000700,000
Paid-in capital in excess of par 300,000250,000
Retained earnings 940,000490,000
Information relating to 2024 activities:
1) Net income for 2024 was $750,000.
2) Cash dividends of $300,000 were paid in 2024.
3) Equipment costing $500,000 and having a book value of $180,000 was sold for $100,000 in 2024.
4) A long-term investment was sold in 2024 for $160,000
5)10,000 shares of common stock were issued in 2024 for $15 a share.
Required:
Prepare a statement of cash flows for 2024 using the indirect method for operating activities. Make sure to prepare all 3 activities (operating, investing, and financing).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

978-1259307416

Students also viewed these Accounting questions