Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

indirect method Additional information: Eldridge Company (1) there was no gain or loss on the sales of the long-term investments; the cash received was $600.

image text in transcribed
image text in transcribed
indirect method
Additional information: Eldridge Company (1) there was no gain or loss on the sales of the long-term investments; the cash received was $600. (2) Old machinery with an original cost of $45,060 was sold for $2,520 cash. (3) New machinery was purchased for $81,060 cash. (4) Cash dividends of $40,320 were paid. (5) Additional shares of stock were issued for $30,000 cash. (6) Retirement of bond for $20,700. Prepare a complete statement of cash flows for calendar-year 2024 using the indirect method. 14. Use the following company information to calculate its net cash provided or used by imvesting activities: (a) Equipment with a book value of $125,000 and an original cont of $220,000 was sold for $22,000 cash. (b) Paid $49,000 cash for a new truck. (c) Sold land costing $30,000 for $26,000 cash, restinng a $4,000 loss (d) Purchased treasury stock for $53,000 cash. (e) Long-term investments in stock are sold for $41,000 cash, realizing a gain of $3,500. 15. Use the following information to calculate the net cash provided or used by financing activities for the Brooks Corporation: (a) Net income, $10,000 (b) Sold common stock for $4,000cash (c) Paid cash dividend of $3,000 (d) Paid bond payable, $8,000 (e) Purchased equipment for $12,000 cash (f) Received cash dividend of $1,500 cash 16. Provide two different transactions that would be a non cash transaction for the statement of cash flows

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

Modern Auditing And Assurance Services

Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson

6th Edition

1118615247, 9781118615249

More Books

Students also viewed these Accounting questions

Question

How do todays organizations diff er from those of earlier eras?

Answered: 1 week ago