Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 11 of 11 The following information is available for Marin Corporation for the year ended December 31, 2022: Collection of principal on long-term
Question 11 of 11 The following information is available for Marin Corporation for the year ended December 31, 2022: Collection of principal on long-term loan to a supplier $19,000 Acquisition of equipment for cash 19,000 Proceeds from the sale of long-term investment at book value 22,000 Issuance of common stock for cash 21,000 Depreciation expense 26.800 Redemption of bonds payable at carrying (book) value 31,200 Payment of cash dividends 7,900 Net income 37,300 40,700 Purchase of land by issuing bonds payable In addition, the following information is available from the comparative balance sheet for Marin at the end of 2022 and 2021: 2022 2021 Cash $158,700 $95,000 Accounts receivable (net) 33,200 16,800 Prepaid insurance 18,600 14,800 Total current assets $210,500 $126.600 Accounts payable $36,600 $20,200 Salaries and wages payable 7,000 7,500 Total current liabilities $43,600 $27,700 Prepare Marin's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started