Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ericson Corporation accountants have assembled the following data for the year ended June 30, 2018: Click the icon to view the data.) Prepare Ericson Corporation's

image text in transcribedimage text in transcribed

Ericson Corporation accountants have assembled the following data for the year ended June 30, 2018: Click the icon to view the data.) Prepare Ericson Corporation's statement of cash flows for the year ended June 30, 2018. The company uses the indirect method for operating activities. Begin by completing the cash flows from operating activities. Then complete the remaining sections of the cash flow statement. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Ericson Corporation Statement of Cash Flows (Indirect Method) Year Ended June 30, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer. ? Ericson Corporation accountants have assembled the following data for the year ended June 30, 2018: (Click the icon to view the data.) Prepare Ericson Corporation's statement of cash flows for the year ended June 30, 2018. The company uses the indirect method for operating activities Begin by completing the cash flows from operating activities. Then complete the remaining sections of the cash flow statement. (Use parentheses or a minus sian for numbers to be subtracted and for a net decrease in cash.) Data Table Ericson Corporation Statement of Cash Flows (Indirect Me Year Ended June 30, 2018 Cash flows from operating activities: Net income................ Payment of dividends Proceeds from the issuance of common stock S? Cost of goods sold ............ 111,000 5,600 Other operating expenses...... 31,000 Purchase of equipment 30,000 with cash...... 42.000 225,000 Increase in current liabilities..... 13,000 Payment of note payable... 32,000 40,000 Proceeds from sale of land ..... 5.000 Depreciation expense ........ 14.000 Decrease in current assets other than cash Decrease in current liabilities Depreciation Increase in current assets other than cash Increase in current liabilities Net income Payment of dividends Payment of note payable Proceeds from issuance of common stock Proceeds from sale of land Purchase of equipment Purchase of treasury stock Sales revenue Increase in current assets other than cash Purchase of treasury stock ....... 33.000 Print Done Choose from any list or enter any number in the input fields and then click Check

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_2

Step: 3

blur-text-image_step3

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

Collaborative Auditing

Authors: James Pelletier, Yuki Matsuura

2nd Edition

ISBN: 0894139606, 9780894139604

More Books

Students also viewed these Accounting questions