Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ditional dasa obtained from the incorne stabernent and from an exarrination of the aceounts in the ledger for 20Y8 are as follows: A. Net incorne,
ditional dasa obtained from the incorne stabernent and from an exarrination of the aceounts in the ledger for 20Y8 are as follows: A. Net incorne, $348,560. B. Depreciatian reparted an the income staternent, $82,480. C. Equipment was purchased at a cost of $162,120 and fully depreciated equipenent costing $45,640 was discarbed, with no salvage realized. D. 10,000 stares of cornmon stock were issued at $18 for cash. E. The martgage noke payable was nat due for six years, but the berms permitied earlier payment withaut penalty. F. Cash dividends declared and paid, \$152,480. Cash used for dividernds Cashh used for equipmerit Cash used for merchardise Cash used for purchase of land Cash used to retire mortgage nobe payable Cash fram custarnars Cash fram sale of carnman stack Decernber 31,20 r'8 Decrease in cash Decrease in merchandise irventery Decrease in accounts payable Decrease in accounts recoivable Decrease in prepaid expenses Depreciation For the Year Ended Decermber 31, 20 Y8 Gain an dispasal of equiprnant Gain an sale of irtuestonerts Increase in accourts payable Incresse in accourts receivable Increase in cash Incresase in marchardise inventary Increase in prepaid expensas Loes an dispasal of equiprnent Loes an sale of irtuestments Net cash flow from financing activitias Net cash flow fram investing activities Net cash flow fram operafing activities Net cash flow used for financing sotivities Net cash flaw used for investing activities Net cash flow used for operating activities Net incarne Yelow Dog Enterprisess Inc. Staternent of Cash Flows (Label) Cash flows from operating activities: 3 Adjustments to reconcile net income to net cash flow from operating activities: 4 5 Changes in current operating assets and liabilities: s 7 a ; 10 11 Cash flows from (used for) investing activities: Cash flows from (used for] financing activities: 17 13 19 20 21 20 Cash at the beginning of the year 25 Cash at the end of the year
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