Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ADDITIONAL NOTES: I. On January 1, 2022, AllDone Corp issued 10-year bonds with a face value of $43,500. The annual stated interest rate is 6%

image text in transcribedimage text in transcribed

ADDITIONAL NOTES: I. On January 1, 2022, AllDone Corp issued 10-year bonds with a face value of $43,500. The annual stated interest rate is 6% and is paid annually. II. On March 1, 2022 AllDone Corp issued 500 shares of common stock for $42 per share for cash. The par value of the stock is $3. III. On March 17, 2022, AllDone Corp purchased land for $79,500 with cash. IV. On October 21, 2022 AllDone Corp sold and equipment that has a book value of $11,000 and an original cost of $29,000 for $3,000 in cash. V. On December 2, 2022, AllDone Corp repurchased 500 shares of its own common stock at $105 per share with cash. VI. On December 15,2022 , long-term investments originally purchased for $24,000 were sold for $46,500 for cash. On that same day, additional long-term investments were purchased for $42,000 with cash. VII. On December 31,2022 , cash dividends of $7,500 was declared but not yet paid. Use the information above to prepare AllDone Corp's statement of cash flows using BOTH the indirect and direct methods. AllDone Corp needs your help to create its statement of cash flows for the year ending 2022. Use the following information to prepare the statement of cash flows using BOTH the indirect and direct methods. ADDITIONAL NOTES: I. On January 1, 2022, AllDone Corp issued 10-year bonds with a face value of $43,500. The annual stated interest rate is 6% and is paid annually. II. On March 1, 2022 AllDone Corp issued 500 shares of common stock for $42 per share for cash. The par value of the stock is $3. III. On March 17, 2022, AllDone Corp purchased land for $79,500 with cash. IV. On October 21, 2022 AllDone Corp sold and equipment that has a book value of $11,000 and an original cost of $29,000 for $3,000 in cash. V. On December 2, 2022, AllDone Corp repurchased 500 shares of its own common stock at $105 per share with cash. VI. On December 15,2022 , long-term investments originally purchased for $24,000 were sold for $46,500 for cash. On that same day, additional long-term investments were purchased for $42,000 with cash. VII. On December 31,2022 , cash dividends of $7,500 was declared but not yet paid. Use the information above to prepare AllDone Corp's statement of cash flows using BOTH the indirect and direct methods. AllDone Corp needs your help to create its statement of cash flows for the year ending 2022. Use the following information to prepare the statement of cash flows using BOTH the indirect and direct methods

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

A Textbook Of Cost And Management Accounting

Authors: M N Arora

11th Edition

9390470501, 978-9390470501

More Books

Students also viewed these Accounting questions

Question

1.2 Describe who performs HRM.

Answered: 1 week ago