Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts
The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable 2018 $62,000 79,000 32,500 1,000 2017 $48,000 65,000 43,000 2,300 Crane's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $67,000, and a loss on the disposal of land was $18,000. Crane uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE CORPORATION Statement of Cash Flows (Partial)-Indirect Method Operating activities Adjustments to reconcile net income to Blossom Corporation reported the following information in thousands) at December 31, 2018: Long-term investments Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 2018 2017 $150 $85 210 210 320 320 10075 560 370 300 300 Additional information: 1. 2. Long-term investments were purchased during the year; none were sold. Equipment was purchased during the year. In addition, equipment with a cost of $190 and a carrying amount of $70 was sold at a gain of $20. Prepare the investing activities section of Blossom's statement of cash flows for the year. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Investing activities
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