Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PART 2: STATEMENT OF CASH FLOws 20 POINTS Samuel Corp. has provided the following information for the year ended December 31, 2018. Samuel Corp Comparative
PART 2: STATEMENT OF CASH FLOws 20 POINTS Samuel Corp. has provided the following information for the year ended December 31, 2018. Samuel Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 Assets 2017 Current Assets: Cash Accounts Receivable Inventory Plants Assets, net Total Assets $20,000 (7,000) $33,000 29,000 56,000 126,000 $13,000 36,000 29,000 92,000 34,000 $244.000 $170.000$74.000 Accounts Payable Accrued Liabilities Long-term Notes Payable Total Liabilities 7,000 70.000 $86.000 59,000 13,000 79,000 $95.000 $(4,000) 4,000 (9,000) $55,000 115,000 Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 37,000 (6.000) $83.000 78,000 12.000) (6.000) $158000 $75.000 $244.000 $10.000 $74.000 Samuel Corp Income Statement Year ended December 31,2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total expenses Net Income $298,300 145,000 49,000 16,000 25,000 Z.800 246,300 $52,000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with the cost of $10,000 was sold for $16,000. Depreciation Expense of $16,000 was recorded during the year During 2018, the company repaid $43,000 of Long-Term Notes Payable. During 2018, the company borrowed $34,000 on a new Long-Term Note Payable Dividends paid for 2018 $15,000 Treasury stock purchased $6,000 Common stock issued $52,000 Prepare a complete statement of cash flows using the indirect method
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