Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Solve this solution please 23. Prepare Cash Flow Statement Company X. Balance sheets. December 31. Asset 2010 2009 Cash Accounts Receivable Prepaid rent Land Buil
Solve this solution please 23. Prepare Cash Flow Statement Company X. Balance sheets. December 31. Asset 2010 2009 Cash Accounts Receivable Prepaid rent Land Buil Accumulated Depreciation.Building Equipment $56,000 20000 4000 130000 160000 11000 27000 3000 383000 $34,000 $22000 increase 30000 10000 decrease 0 4000 increase 0 130000 increase 0 160000 increase 11000 increase 10000 17000 increase 3000 increase 0 Accumulated Depreciation.Equipment Total 74000 Liabilities and stockholder's equity Accounts payable Bonds payable Common Stock Retained Earnings 559,000 $4,000 $55000 increase 0 130000 increase 130000 50000 0 50000 144000 20000 124000 increase 383000 Total 74000 Company X. Income Statement. Dec.31 2010 $507,000 Revenues $261,000 15000 3000 Operating expenses Depreciation expense Loss on sale of equipment Income from operations Income tax Net income Additional Information: 1. Dividends of $15000 cash were paid 279000 228000 89000 $139,000 2. The company obtained land through of issuance of $130000 of long-term bond 3. Building costing $160000 and equipment costing $25000 were purchased for cash. 4. During the year company sold equipment with a book value of $7000 ($8000-$1000 accumulated depreciation) for $4000 cash
Solve this solution please
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