Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Daugherty Company's most recent income statement and comparative balance sheets appear below: Income Statement Comparative Balance Sheet 20x1 33,000 9,400 400,000 28,000 Net S Cost

image text in transcribed
Daugherty Company's most recent income statement and comparative balance sheets appear below: Income Statement Comparative Balance Sheet 20x1 33,000 9,400 400,000 28,000 Net S Cost of Goods Sold...35002 Gross Profit Operating Ex Operating Income Interest Expense Loss on Sale of PP&E1,500) Unreal Gain on Trading Sec.000 2.5001 Income Before Taxn.20,000 Income Tax E Net Income Accounts receivable..8,500 Trading Securities33,000 31,000 165,000 43,200 44,000 Long-term Investme20,000 15,000 PP&E Accumulated Dep- PP&20500) 22,000) Total A (3,000) 127,000 105,000 239,200 215,400 Accounts Payable.3,000 4,000 Salaries Payable Interest Payable Notes Payable, short term5,000 2,000 Notes Payable long-t2,000 27,000 Common s Additional Paid in Capita. .100,000 80,000 Retained earning77,500 75,100 2,100 1,600 3,400 14,000. 900 28,000 23,000 Total Liab & Owner's Equity$239,200 $215,400 During 20X2, the company sold PP&E with an original cost of $25,000 and $15,000 of accumulated depreciation. Dividends of $11,600 were declared and paid. In good form(i.e proper heading, labels, etc.) prepare a statement of cash flows using the indirect method for Dougherty Company for the year ended December 31, 20X2. You can skip the necessary supplemental disclosure

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

More Books

Students also viewed these Accounting questions

Question

Identify the elements that make up the employee reward package.

Answered: 1 week ago

Question

Understand the purpose, value and drawbacks of the interview.

Answered: 1 week ago