Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please give me explanation Problem 1. Statement of Cash Flows (12 points). A comparative balance sheet for Talkinen Corporation is presented below (in $ thousands).

please give me explanation
image text in transcribed
image text in transcribed
Problem 1. Statement of Cash Flows (12 points). A comparative balance sheet for Talkinen Corporation is presented below (in $ thousands). December 31 Assets 2020 2019 Cashe $ 684 $ 224 Accounts receivable 82 664 Inventory 170 1894 Lande 71 1101 Equipment 280 2004 Accumulated depreciation-equipment (74) (42) Totale $597 $5454 Liabilities and Stockholders' Equity I Accounts payable- Bonds payable Common stock ($1 par) Retained earnings Totale $ 34 150 164 249 $597 $ 474 200 164 134 $5454 1. Net Income for 2020 was $155; there were no gains or losses 2. Cash dividends of $40 were declared and paid. 3. Bonds payable of $50 were retired. Required: Using the above information, determine the Cash Flow from Operating Activities, Cash Flow from Investing Activities, and Cash Flow from Financing Activities. Place your answers in the space below. Show your work in the T-accounts on the next page for partial credit. A Cash Flow from Operating Activities: $177,000 ($41,000) B. Cash Flow from Investing Activities ($90,000) C. Cash Flow from Financing Activities: Cash 22 Operating NI 155 16A/R Depr 32 13 A/P Inv 19 Accounts Receivable 66 16 82 Inventory 189 19 170 Investing Land 39 80 Equip Land 110 39 71 Equipment 200 80 280 Financing 40 Divs 50 Bonds ret 68 Accumulated Depreciation 42 32 74 Accounts Payable 47 13 34 Common Stock 164 Bonds Payable 200 50 150 Retained Earnings 134 Divs 40 155 NI 249 164

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

3rd Canadian edition

1-119-40285-5, 111940276X, 978-1119566007

More Books

Students also viewed these Accounting questions

Question

Explain the neurodevelopmental model of schizophrenia.

Answered: 1 week ago

Question

c. What steps can you take to help eliminate the stress?

Answered: 1 week ago