Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 12-17B Direct: Preparing statement of cash flows and supporting note LO P1, P3, P5 Cash and cash equivalents balance, December 31, 2016 $ 35,000
Exercise 12-17B Direct: Preparing statement of cash flows and supporting note LO P1, P3, P5
Cash and cash equivalents balance, December 31, 2016 | $ | 35,000 | |
Cash and cash equivalents balance, December 31, 2017 | 98,420 | ||
Cash received as interest | 3,500 | ||
Cash paid for salaries | 101,500 | ||
Bonds payable retired by issuing common stock (no gain or loss on retirement) | 145,000 | ||
Cash paid to retire long-term notes payable | 175,000 | ||
Cash received from sale of equipment | 85,750 | ||
Cash received in exchange for six-month note payable | 35,000 | ||
Land purchased by issuing long-term note payable | 84,100 | ||
Cash paid for store equipment | 33,250 | ||
Cash dividends paid | 21,000 | ||
Cash paid for other expenses | 56,000 | ||
Cash received from customers | 679,000 | ||
Cash paid for inventory | 353,080 | ||
Use the above information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2017. (Amounts to be deducted should be indicated with a minus sign.)
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