Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash flow Direct Method Direct: Preparing statement of cash flows and supporting note 27,000 75,924 2,700 78,300 200,000 Cash and cash equivalents, Dec. 31 prior
Cash flow Direct Method Direct: Preparing statement of cash flows and supporting note 27,000 75,924 2,700 78,300 200,000 Cash and cash equivalents, Dec. 31 prior year- end Cash and cash equivalents, Dec. 31 current year- end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory 135,000 66, 150 27.000 116.000 25.650 16.200 43.200 523.800 272.376 Midland Company Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Receipts from customers Receipts of interest Payments for inventory Payments for salaries Payments for other expenses Net cash provided by operating activities Cash flows from investing activities Receipt from sale of equipment Payment for store equipment Net cash provided by investing activities Cash flows from financing activities Payment to retire long-term notes payable Receipt from borrowing on six-month note Payment of cash dividends Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Noncash investing and financing activities Bonds payable retired by issuing common stock Land purchased by issuing long-term note payable
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