Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show all work The balance sheets of Dolan Company, for December 31, 2014 and 2013, are as follows: +++ 2014 2013 Cash $ 68,000

image text in transcribed
please show all work
The balance sheets of Dolan Company, for December 31, 2014 and 2013, are as follows: +++ 2014 2013 Cash $ 68,000 $ 42,500 Accounts receivable (net) 61,000 70,200 Inventories 121,000 105,000 Investments dcted the 100,000 Equipment 515,000 425,000 Accumulated depreciation-equipment (153,000) (175,000) $612,000 $567.700 Dira Accounts payable $ 59,750 $ 47,250 Bonds payable, due 2010 75,000 Common stock, $20 par 375,000 325,000 Premium on common stock 50,000 25,000 Retained earnings 127.250 95,450 $612,000 $567.700 52.300 Additional information: .800 (a) Net income, $71,800. (b) Depreciation reported on income statement, $38,000. (c) Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $150,000. (d) Bonds payable for $75,000 were retired by payment at their face amount. (c) 2,500 shares of common stock were issued at $30 for cash. (1) Cash dividends declared and paid, $40,000. (g) Investments of $100,000 were sold for $125,000. Required: Prepare a statement of cash flows using the indirect method. old

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_2

Step: 3

blur-text-image_3

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

Finance For Non-Finance Executives

Authors: Anurag Singal

1st Edition

1952538327, 9781952538322

More Books

Students also viewed these Accounting questions