Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A comparative balance sheet for Lyon Company appears below: LYON COMPANY Comparative Balance Sheet Dec. 31, 2014 Dec 31, 2013 Assets $ 23,000 18,000 27,000
A comparative balance sheet for Lyon Company appears below: LYON COMPANY Comparative Balance Sheet Dec. 31, 2014 Dec 31, 2013 Assets $ 23,000 18,000 27,000 6,000 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation equipment Total assets $10,000 14,000 18,000 9,000 18,000 32,000 (14,000) $87,000 60,000 (18,000) $116,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 17,000 37,000 40,000 22.000 $116.000 $ 7,000 47,000 23,000 10,000 $87,000 Additional information: 1. Net income for the year ending December 31, 2014 was $24,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Long-term investments that had a cost of $18,000 were sold for $16,000. 4. There was no sale of equipment. 5. Sales for 2014 were $120,000. Required: (a) Compute Lyon's net cash provided (used for) operating activities using the indirect method. (b) Compute Lyon's net cash provided (used for) investing activities. Compute Lyon's net cash provided (used for) financing activities
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