Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please follow the same format as the table I inserted thank you Please its really important SHAMROCK CORPORATION Statement of Cash Flows Adjustments to reconcile
Please follow the same format as the table I inserted thank you
Please its really important
SHAMROCK CORPORATION Statement of Cash Flows Adjustments to reconcile net income to > $ > > > > > > $ The following information is available for Shamrock Corporation for the year ended December 31, 2022: Collection of principal on long-term loan to a supplier $15,000 Acquisition of equipment for cash 11,500 Proceeds from the sale of long-term investment at book value 25,000 Issuance of common stock for cash 21,500 Depreciation expense 27,200 Redemption of bonds payable at carrying (book) value 38,100 Payment of cash dividends 7,800 Net income 37,700 Purchase of land by issuing bonds payable 43,000 In addition, the following information is available from the comparative balance sheet for Shamrock at the end of 2022 and 2021: 2022 2021 Cash $150,900 $90,000 Accounts receivable (net) 34,600 18,700 Prepaid insurance 19,500 13,700 Total current assets $205,000 $122,400 Accounts payable $38,000 $22,900 Salaries and wages payable 6,000 7.500 Total current liabilities $44,000 $30,400 Prepare Shamrock's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)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