Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 11-4B (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming

image text in transcribed
image text in transcribed
image text in transcribed
Problem 11-4B (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. Additional Information for 2024: 1. Purchased additional investment in stocks for $93,000 2 Sold land for $60,000. The land onginally was purchased for $54,000, resulting in a $6,000 gain being recorded at the time of the sale: 3. Purchased $28,000 in equipment by issuing a $28,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $118,000. 5. Issued common stock for $58,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cosh should be indicated with o minus sign.) VIRTUAL GAMING SYSTEMS Statement of Cash Flows Fot the Year. Ended December 31, 2024 Cash Flows from Operating Activities

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

Internal Auditing An Integrated Approach

Authors: Richard Cascarino

1st Edition

0702166693, 978-0702166693

More Books

Students also viewed these Accounting questions

Question

4. Choose appropriate and powerful language

Answered: 1 week ago

Question

2. Choose an appropriate organizational pattern for your speech

Answered: 1 week ago