Answered step by step
Verified Expert Solution
Question
1 Approved Answer
6. Presented below is a detail of transactions for Final Question, Inc., for the year ended December 31,2014. (worth 30 points) Required: Prepare a statement
6. Presented below is a detail of transactions for Final Question, Inc., for the year ended December 31,2014. (worth 30 points) Required: Prepare a statement of cash flows for 2014. Additional information: Net Income for the year ended December 31, 2014, was $55,000. Dividends paid during the year ended December 31, 2014 were $5,000. The cost of new computer equipment purchased during 2014 was $25,000. Manufacturing equipment was sold during the 2014 year for $7,500. Inventory decreased S10,500 during the 2014 year. Accrued Wages decreased $2,000 during the 2014 year. Accounts payable fell S4,000 from December 31, 2013 compared to December 31, 2014 Common stock was issued during the 2013 year amounted to $25,000. Depreciation expense amounted to $15,000 for the year ended 12/31/14 Accounts receivable decreased $7,000 from 12/31/13 compared to 12/31/14
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started