Answered step by step
Verified Expert Solution
Question
1 Approved Answer
One Way Cellular accountants have assembled the following data for the year ended November 30, 2024: : (Click the icon to view the data.) Prepare
One Way Cellular accountants have assembled the following data for the year ended November 30, 2024: : (Click the icon to view the data.) Prepare One Way Cellular's statement of cash flows using the indirect method for the year ended November 30, 2024. Assume beginning and ending Cash are $51,000 and $107,800, respectively. - Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) - X Data table $ 57,000 One Way Cellular Statement of Cash Flows Year Ended November 30, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense $ Increase in Current Assets Other than Cash Decrease in Current Liabilities $ 31,000 $ 57,000 18,000 38,000 Cash receipt from sale of land Depreciation expense Cash payment of dividends Cash receipt from issuance of common stock Net income Cash purchase of equipment Decrease in current liabilities Increase in current assets other than cash 18,000 6,200 7,000 16,000 14,000 (14,000) (7,000) (3.000) Print Done 54.000 Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Purchase of Equipment Cash Receipt from Sale of Land $ (38,000) 31,000 (7.000) Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities 7 Net Cash Provided by (Used for) Financing Activities
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