Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Northstar Corp.'s balance sheet accounts as of December 31, 2014 and 2015, and information relating to 2015 activities, are presented below. December 31 2015 2014

image text in transcribed

Northstar Corp.'s balance sheet accounts as of December 31, 2014 and 2015, and information relating to 2015 activities, are presented below. December 31 2015 2014 Assets Cash $416,000 $273,000 Accounts receivable, net 957,500 848,500 Prepaid expenses 160,000 239,500 Investments (held for trading). 292,000 0 HTM investments 311,500 329,500 Property, plant & equipment (PPE). 1,020,500 1,124,500 Accumulated depreciation (560,500) (512,500) Trademark, net 489,500 493,500 Total assets. $3,086,500 $2,796,000 Liabilities and shareholders' equity Accounts payable $491,000 $194,500 Income tax payable 414,500 269,000 Unearned revenue 264,500 191,500 Long-term notes payable 595,000 1,175,000 Common shares 658,000 646,500 Retained earnings 663,500 319,500 Total liabilities and shareholders' equity. $3,086,500 $2,796,000 Information relating to 2015 activities: Cash dividends of $336,000 were declared and paid in 2015. Furniture costing $380,000 and having a carrying amount of $180,000 was sold for $140,000. A HTM investment was sold at par for $18,000. There were no other transactions affecting HTM investments in the year. HFT investments consist of treasury bills maturing on February 15, 2016. Changes in other balance sheet accounts resulted from usual transactions and events. Please make sure your final answer(s) are accurate to the nearest whole number. Determine the following amounts for Northstar Corp. for the year 2015: a) Net cash from operating activities (indirect method) Net cash from operating activities (indirect method) = $ b) Net cash from investing activities Net cash from investing activities = $ c) Net cash from financing activities Net cash from financing activities = $

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

Study Guide With Working Papers, Chapters 1-9 For Heintz/Parrys College Accounting

Authors: James A. Heintz, Robert W. Parry

21st Edition

1285059379, 9781285059372

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane X z 2/3 90% a/3

Answered: 1 week ago

Question

Explain the main elements of a sustainable work system

Answered: 1 week ago

Question

Explain the nature of paid work

Answered: 1 week ago