Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunland Corporation reported the following information (in thousands) at December 31, 2021: 2021 2020 Dividends payable $ 25 $ 5 Bank loan payable-current portion 210

Sunland Corporation reported the following information (in thousands) at December 31, 2021: 2021 2020 Dividends payable $ 25 $ 5 Bank loan payable-current portion 210 210 Bank loan payable-non-current portion 460 320 Common shares 680 410 Retained earnings 780 555 Additional information: 1. The bank loan was increased by additional borrowings of $380 to partially finance the purchase of new equipment that cost $700. The bank loan was decreased by repayments. 2. Common shares were issued during the year. None were repurchased. 3. The company paid dividends during the year. 4. Net income for the year was $400. Prepare the financing activities section of Sunland's statement of cash flows for the year. (Show amounts that decrease cash flow with either a sign e.g-15,000 or in parenthesis e.g. (15,000).) SUNLAND CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Prepare the financing activities section of Sunland's statement of cash flows for the year. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND CORPORATION Statement of Cash Flows (Partial) Financing activities ($ in thousands) $ Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $700 by paying $320 cash and bank loan payable. issuing a $

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

Principles Of Financial And Managerial Accounting

Authors: James Don Edwards, Roger H. Hermanson

1st Edition

0256130000, 978-0256130003

More Books

Students also viewed these Accounting questions