Question
Phantom Books is a retail store that sells new and used books. Phantoms most recent balance sheet, income statement, and other important information for 2012
Phantom Books is a retail store that sells new and used books. Phantoms most recent balance sheet, income statement, and other important information for 2012 are presented below. Prepare the cash flow statement of the company fort he year ended 2012
a. Additional data for 2012 include the following: b. Sold equipment with a book value of $8,000 (= $30,000 cost $22,000 accumulated depreciation) for $10,000 cash c. Purchased equipment for $20,000 cash d. Sold long-term investments with an original cost of $11,000 for $3,000 cash e. Purchased long-term investments for $20,000 cash f. Signed a note with the bank for $5,000 cash. No principal amounts were paid during the year g. Repurchased common stock (treasury stock) for $10,000 cash. No new common stock was issued h. Declared and paid $13,000 in cash dividends.
explain step by step as soon as possible and don't post it please
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