Question
Financial Reporting Theory 2 Chapter 21 Show full calculations December 31, December 31, ASSETS 2019 2018 Cash $ 14,000 $ 9,000 Accounts receivable 52,000 24,000
Financial Reporting Theory 2 Chapter 21
Show full calculations
December 31, | December 31, | ||
ASSETS | 2019 | 2018 | |
Cash | $ 14,000 | $ 9,000 | |
Accounts receivable | 52,000 | 24,000 | |
Inventory | 87,000 | 40,000 | |
Equipment | 125,000 | 100,000 | |
Accumulated depreciation | (42,000) | (34,000) | |
Prepaid expenses | 4,000 | 2,000 | |
Land | -0- | 7,000 | |
Building | 50,000 | -0- | |
Total Assets | $290,000 | $148,000 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable | $ 25,000 | $ 14,000 | |
Interest payable | 8,000 | 6,000 | |
Taxes payable | 37,000 | 11,000 | |
Short-term note payable | 37,000 | 32,000 | |
Bonds payable | 75,000 | 50,000 | |
Common stock, $10 par | 75,000 | 25,000 | |
Retained earnings | 33,000 | 10,000 | |
Total Liabilities and Shareholders Equity | $290,000 | $148,000 | |
Additional 2017 information: | |||
Net income, $31,000 | |||
Sold land for gain of $3,000 | |||
Paid dividends of $8,000 | |||
Issued $50,000 common stock to purchase building |
Required: Prepare Fancy Company's 2019 statement of cash flows using the indirect method.
Including the Schedule 1: Investing and Financing Activities Not Affecting Cash
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