Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I keep getting the wrong total once completing. please help. The Murdock Corporation reported the following balance sheet data for 2016 and 2015: 2016 92,915

I keep getting the wrong total once completing. please help.

image text in transcribedimage text in transcribed

The Murdock Corporation reported the following balance sheet data for 2016 and 2015: 2016 92,915 $ $ 2015 31,355 99,000 Cash Available-for-sale securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 22,500 94,000 179,000 2,760 1,278,000 (624,000) 80,850 157,600 3,400 1,139,000 (586,000) Total assets $ 1,045,175 $925,205 $ Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings 88,940 $ 162,670 25,600 31,500 37,600 89,000 214,000 0 300,000 300,000 379,035 342,035 Total liabilities and shareholders' equity $ 1,045,175 $ 925,205 Additional information for 2016: Sold available-for-sale securities costing $76,500 for $82,400. Equipment costing $20,000 with a book value of $6,400 was sold for $8,100. Issued 6% bonds payable at face value, $214,000. Purchased new equipment for $159,000 cash. Paid cash dividends of $27,000. Net income was $64,000. Required: Prepare a statement of cash flows for 2016 in good form using the indirect method for cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.) a minus sign.) MURDOCK COMPANY Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities: Adjustments for noncash effects: $ 0 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 Cash balance, January 1 Cash balance, December 31 $ 0

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: 3

blur-text-image

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

Principles Of Cost Accounting

Authors: Vanderbeck

13th Edition

0324191693, 978-0324191691

More Books

Students also viewed these Accounting questions