Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Edmund Corporation Inc. accountants have assembled the following data for the year ended June 30, 2020: (Click the icon to view the year end data.)

image text in transcribed

image text in transcribed

image text in transcribed

Edmund Corporation Inc. accountants have assembled the following data for the year ended June 30, 2020: (Click the icon to view the year end data.) Prepare Edmund Corporation's statement of cash flows for the year ended June 30, 2020. Edmund uses the indirect method for operating activities. You may stop after determining the net increase or decrease) in cash Begin by completing the cash flows from operating activities, and then complete the cash flows from investing activities and the cash flows from financing activities (Use parentheses or a minus sign for numbers to be subtracted or a net decrease in cash.) Edmund Corporation Inc. Statement of Cash Flows For the Year Ended June 30, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Increase in current assets other than cash Decrease in current liabilities Subtotal Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Proceeds from sale of land Net cash by investing activities itior Proceeds from sale or la Net cash by investing activities Cash flows from financing activities: Proceeds from issuance of common shares Payment of note payable Payment of dividends Repurchase of common shares Net cash used for financing activities Net increase in cash Year end data $ 5,900 Payment of dividends 22,000 Proceeds from issuance of common shares 228,000 Sales revenue..... Increase in operating current assets other than cash.. 30,000 4,000 112,000 30,000 38,000 Repurchase of common shares.. Cost of goods sold .. Other operating expenses Purchase of equipment.. Decrease in operating current liabilities. Payment of note payable.... Proceeds from sale of land.. 13,000 34,000 66,000 5,000 Depreciation expense

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

Management And Cost Accounting Tools And Concepts In A Central European Context

Authors: Andreas Taschner, Michel Charifzadeh

1st Edition

3527508228, 978-3527508228

More Books

Students also viewed these Accounting questions