Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Skysong Corporation for the year ended December 31, 2022: Collection of principal on long-term loan to a supplier $24,000

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following information is available for Skysong Corporation for the year ended December 31, 2022: Collection of principal on long-term loan to a supplier $24,000 Acquisition of equipment for cash 19.500 Proceeds from the sale of long-term investment at book value 24,800 Issuance of common stock for cash 21,000 Depreciation exiense 25,000 Redemption of bonds payable at carrying (book) value 31,000 Payment of cash dividends 7,700 Net income 33.400 Purchase of land by issuing bonds payable 43,000 In addition, the following information is available from the comparative balance sheet for Skysong at the end of 2022 and 2021: Cash Accounts receivable (net) Prepaid insurance Total current assets 2022 2021 $158,800 $97.000 28,200 16,000 19,000 13,000 $206,000 $126,000 $31.700 $21,000 Accounts payable Salaries and wages payable 6.900 7,600 Total current liabilities $38,600 $28,600 Prepare Skysong's statement of cash flows for the year ended December 31, 2022, 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).) SKYSONG CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $

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

The Internal Auditing Handbook

Authors: K. H. Spencer Pickett

3rd Edition

0470518715, 978-0470518717

More Books

Students also viewed these Accounting questions