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Please help fill in remaining answers box. There needs to be an answers for remaining empty box. Provision for litigation is an Operating Note payable
Please help fill in remaining answers box. There needs to be an answers for remaining empty box.
Provision for litigation is an Operating
Note payable net 5% is Operating
Both are not Financing
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Sing Imports Corp. reports the following amounts on its statement of cash flows: 20X2 20X1 Trade accounts payable $529,100 $ 728,100 Dividends payable 11,900 34,500 Provision for litigation 400,000 195,000 Decommissioning obligation 133,600 125,000 Note payable, 4% 495,000 790,000 Note payable, net, 5% 72,200 65,900 Other information: Dividends of $138,000 were declared and paid during the year. The provision for litigation is based on outstanding legal claims. The amount is not discounted because of uncertainty of cash flow amounts and timing. The provision was increased this year because of new lawsuits filed against the company. The decommissioning obligation relates to a leased premises that must be remediated at the end of the lease term. The change in this account this year is due to unwinding the discount. The 4% note payable is a bank loan at market interest rates. Interest of $31,600 was paid at year-end. The 5% note payable reflects market interest rates at issuance but is, in fact, a no-interest, multi-year liability associated with inventory purchase. The change in the account relates to unwinding the discount. Sing uses the indirect method of presentation in the operating activities section of the statement of cash flows and follows the policy of reporting dividends paid in financing activities, interest paid is included in operating activities. Required: List the items as they would appear on the statement of cash flows in 20X2. Include the classification and amount. Answer is not complete. Accounts Trade accounts payable Dividends paid Provision for litigation Decommissioning obligation Note payable, 4% Note payable, net, 5% Classification Operating Financing Financing Amount $ 199,000 160,600 XOXO Operating Financing Financing 295,000Step by Step Solution
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