Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I've been going at this but I can't seem to get it right. I'm trying to use the balance sheet and other information below to
I've been going at this but I can't seem to get it right. I'm trying to use the balance sheet and other information below to use the indirect method and make a statement of cash flows, so if someone could please point me in the right direction so I can get this done!
Other Information - \\( \\quad \\) Net income was \\( \\underline{\\$ 56,200} \\) - Depreciation expense was \\( \\underline{\\$ 13,400} \\) - \\( \\quad \\) Sold land for \\( \\underline{\\$ 46,900} \\) - \\( \\quad \\) Paid long-term note payable of \\( \\$ 61,000 \\) - \\( \\quad \\) Paid short-term note payable by issuing common stock of \\( \\$ 4,700 \\) - The income statement shows the following information: Sales \\( \\$ 245,300 \\), Interest Revenue \\( \\$ 10,600 \\), Cost of Goods Sold \\$82,800, Salary Expense \\$38,800, Other Expenses \\$42,000, Depreciation Expense \\$13,400, Income Tax Expense \\( \\$ 9,900 \\), Loss on Sale of Land \\$6,700, Interest Expense \\( \\$ 6,100 \\)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started