Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could you please help me answer the questions below. A comparative balance sheet for Google appears below: Google. Comparative Balance Sheet 12/31/yr212/31/yr1AssetsCash$23,000$10,000Accounts receivable18,00014,000Inventory27,00018,000Prepaid expenses6,0009,000Long-term investments-0-18,000Equipment60,00032,000Accumulated

Could you please help me answer the questions below.

A comparative balance sheet for Google appears below:

Google.

Comparative Balance Sheet12/31/yr212/31/yr1AssetsCash$23,000$10,000Accounts receivable18,00014,000Inventory27,00018,000Prepaid expenses6,0009,000Long-term investments-0-18,000Equipment60,00032,000Accumulated depreciationequipment(18,000)(14,000)Total assets$116,000$87,000Liabilities and Stockholders' EquityAccounts payable$17,000$7,000Bonds payable37,00047,000Common stock40,00023,000Retained earnings22,00010,000Total 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: Create a statement of cash flows for December 31, 20yr2, (only theindirectmethod). You may enter it directly using a table or plain text entry, or you may copy/paste it from another program. Be sure toinclude section captions and properly labeled totals and subtotals.

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

Step: 3

blur-text-image

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

Retailing Management

Authors: Michael Levy, Barton Weitz, Dea Watson

4th Canadian Edition

70893209, 978-0070893207

Students also viewed these Accounting questions