Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the red boxes. can someone please show me how to get these? thanks Question 6 of 6 Additional information: 1. Dividends in

need help with the red boxes. can someone please show me how to get these? thanks
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 6 of 6 Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020 . 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,200 and was 70% depreciated was sold during 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. 15,000 or in parenthesis e. (15,000).) Net Cash Provided by Operating Activities: on Depreciation Expense 5 Gain on Sale of Equipment Amortization of Copyright Increase in Accounts Receivable (11,300) Decrease in inventories 20,300 Increase in Prepaid Rent (1,200) Increase in Accounts Payable Decrease in income Taxes Payable \begin{tabular}{|} \hline 6,200 \\ \hline(1,900) \\ \hline 4,000 \\ \hline \end{tabular} Net Cash Peevided try Operating Actwities Cash Flows from I frvesting Activities Purchase of Equipment Sale of Equipment Borrowine on Short-Term Loan Net Cash Used by Investing Activities Cash Flows from Financing Activities Principal Payment on Short-term Loan (2100)

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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163

More Books

Students also viewed these Accounting questions