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GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment
GolfGear \& More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, \$22,200. Paid cash dividend, $13,200. Sold equipment for $12,000 cash (cost, $33,000, accumulated depreciation, $21,000 ). Issued shares of no-par stock, 500 shares at $14 per share cash. Net income was $26,200. Depreciation expense was $4,200. Its comparative balance sheet is presented below. Required: 1. Complete a T-account worksheet. 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year. Complete this question by entering your answers in the tabs below. Complete a T-account worksheet. GOLFGEAR \& MORE, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Changes in current assets and current liabilities: Cash flows from investing activities: Cash flows from financing activities
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