Question
Dangles Corporation accountants have assembled the following data for the year ended December 31, 2017: Dec 31, 2017 Dec 31. 2016 Current Assets: $ $
Dangles Corporation accountants have assembled the following data for the year ended December 31, 2017: Dec 31, 2017 Dec 31. 2016 Current Assets: $ $ Cash & Cash Equivalents 26,000 105,600 Accounts Receivable 69,300 64,200 Inventory 83,000 85,000 Current Liabilities: Accounts Payable 56,000 57,800 Income Tax Payable 16,700 15,000 The following transactions were also made available by the company for 2017: Issuance of common stock for cash $ 72,000 Depreciation expense 40,000 Purchase of equipment 105,000 Acquisition of land by issuing long-term note payable 118,000 Proceeds from sale of building 150,500 Payment of note payable 60,900 Payment of cash dividends 65,000 Gain on sale of building 21,000 Issuance of Note Payable to borrow cash 25,000 Net Loss 95,000 Requirement: A. Using the indirect method, prepare a schedule for the operating activities section of statement of cash flow for December 2017. B. Using the indirect method, prepare a schedule for the investing activities section of the statement of cash flows for December 2017. C. Using the indirect method, prepare a schedule for the financing section of the statement of cash flows for December 2017
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