Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Eduardo Corporation accountants have assembled the following data for the year ended June 30, 2018: (Click the icon to view the data.) Prepare Eduardo Corporation's
Eduardo Corporation accountants have assembled the following data for the year ended June 30, 2018: (Click the icon to view the data.) Prepare Eduardo Corporation's statement of cash flows for the year ended June 30, 2018. The company uses the indirect method for operating activities. Cash flows from operating activities: Net income 59,000 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation i Data Table Increase in current assets other than cash (13,000) (39,000) 9,000 Decrease in current liabilities (52,000) 16000 Net income.. $ ? Cost of goods sold $ 119,000 Net cash provided by (used for) operating activities Cash flows from investing activities: Purchase of equipment Payment of dividends 36,000 (41,000) 30,000 5,800 Other operating expenses Purchase of equipment Proceeds from the issuance Proceeds from sale of land of common stock 26,000 with cash Net cash provided by (used for) investing activities (11,000) 41,000 9,000 Sales revenue. 227,000 Decrease in current liabilities Increase in current assets 27,000 Cash flows from financing activities: Payment of dividends Payment of note payable Purchase of treasury stock Payment of note payable 39,000 Proceeds from sale of land other than cash 30,000 (5,800) (27,000) (6,000) 26,000 Purchase of treasury stock 6,000 Depreciation expense. ....... 13,000 Proceeds from issuance of common stock Print Done (12800) Net cash provided by (used for) financing activities Net increase (decrease) in cash (7800)
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