Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this question. The following schedule of information relates to Page Products for the year, 2013: Income statement data: Sales $580,000 Depreciation

I need help with this question. The following schedule of information relates to Page Products for the year, 2013:

Income statement data:

Sales $580,000

Depreciation expense 21,000

Net income 77,000

Cash receipts:

From issuance of common stock $44,000

From sale (at book value) of stock investment 28,000

Cash payments:

For purchase of land $124,000

To stockholders as dividends 22,000

To payoff notes payable 14,000

Change in working capital accounts:

Cash increase $5,000

Accounts receivable increase 6,000

Inventory decrease 3,000

Accounts payable decrease 4,000

Accrued liabilities increase 2,000

The cash balance was $22,000 at the beginning of 2013. In good form, prepare a 2013 statement of cash flows for Page Products using the indirect method.

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_2

Step: 3

blur-text-image_3

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

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions