Question
The following information is taken from French Corporation's financial statements: December 31 2019 2018 Cash$90,000$27,000 Accounts receivable92,00080,000 Allowance for doubtful accounts(4,500)(3,100) Inventory155,000175,000 Prepaid expenses7,5006,800 Land90,00060,000
The following information is taken from French Corporation's financial statements:
December 31
2019 2018
Cash$90,000$27,000
Accounts receivable92,00080,000
Allowance for doubtful accounts(4,500)(3,100)
Inventory155,000175,000
Prepaid expenses7,5006,800
Land90,00060,000
Buildings287,000244,000
Accumulated depreciation(32,000)(13,000)
Patents20,00035,000
Total Assets$705,000$611,700
Accounts payable$90,000$84,000
Accrued liabilities54,00063,000
Bonds payable125,00060,000
Common stock100,000100,000
Retained earnings351,000312,700
Treasury stock, at cost(15,000)(8,000)
Total Liabilities and SE$705,000$611,700
For 2019 Year
Net income$58,300
Depreciation expense19,000
Amortization of patents5,000
French Corporation purchased some land and buildings in 2019. In addition, the company sold some of its patents. The gain or loss on the sale of patents is zero.
Required :
Statement of cash flows for French Corporation for the year 2019. (Use the indirect method.)
Cash flow from operating activities
Net cash flow from operating activities________________
Cash flow from investing activities
Net cash flow from investing activities ________________
Cash flow from financing activities
Net cash flow from financing activities_______________
Net increase/decrease in cash_______________
Cash at beginning of period_______________
Cash at end of period________________
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