Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A comparative balance sheet for VNN Inc. appears below: VNN, Inc. Comparative Balance Sheet 12/31/yr1 12/31/yr2 Assets $10,000 Cash $23,000 Accounts receivable 18,000 14,000 Inventory
A comparative balance sheet for VNN Inc. appears below: VNN, Inc. Comparative Balance Sheet 12/31/yr1 12/31/yr2 Assets $10,000 Cash $23,000 Accounts receivable 18,000 14,000 Inventory 27,000 18,000 6,000 Prepaid expenses 9,000 Long-term investments -0- 18,000 32,000 Equipment 60,000 Accumulated depreciation-equipment (18.000) $116,000 (14,000) $87,000 Total assets Liabilities and Stockholders' Equity Accounts payable $17,000 $7,000 Bonds payable 37,000 47,000 Common stock 40,000 23,000 Retained earnings 22,000 10,000 Total liabilities and stockholders' equity $116,000 $87,000 Additional information: 1 Net income was $24,000 and $12.000 cash dividends were declared and paid during yr2 2 Long-term investments that had a cost of $18,000 were sold for $16.000, a loss of $2,000 3. There were purchases of Equipment, but no sales or disposals. Instructions: Prepare a statement of cash flows for December 31, 20yr2, (only the indirect method). You may enter it directly using a table or plain text entry, or you may copy/paste it from another program. Be sure to include section captions and properly labeled totals and subtotals
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