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Problem 21-2 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] The comparative balance sheets for 2024 and 2023 and the statement of Income for
Problem 21-2 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] The comparative balance sheets for 2024 and 2023 and the statement of Income for 2024 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Additional Information from the accounting records: a. Land that originally cost $27,000 was sold for $24,000. b. The common stock of Microsoft Corporation was purchased for $37,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $185.000 cash. d. A $37,000 note was pald at maturity on January 1 . e. On January 1, 2024, bonds were sold at thelr $74,000 face value. f. Common stock ( $60,000 par) was sold for $90,000. g. Net income was $90,000 and cash dividends of $55,000 were pald to shareholders. Required: Drepare the statement of cash flows of Wright Company for the year ended activittes by the direct method. ver 31, 2024. Present cash flows from operating Note: Amounts to be deducted should be Indicated with o minus sign. Cnter your answers in thousands (I.e., 10,000 should be tntered es 10)
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