Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ch4_155_001. State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and

image text in transcribed

Ch4_155_001. State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: (a) (b) Received $145,000 from the sale of land costing $70,000. Purchased investments for $50,000. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Acquired equipment for $32,000 cash. Declared and issued 100 shares of $20 par common stock as a stock dividend, when the market price of the stock was $32 a share. (d) (f) Recognized by an adjusting entry depreciation for the year, $48,000. Issued 85,000 shares of $10 par common stock for $25 a share, receiving cash. Issued $500,000 of 20-year, 10% bonds payable at 99. Borrowed $43,000 from Busey National Bank, issuing a 5-year, 8% note for that amount. (h) (1)

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

ISO 13485 Auditing Journal Notes Checklists Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

B08W7SNPGP, 979-8706121884

More Books

Students also viewed these Accounting questions