Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is taken from Tammy Corporation's financial statements: Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Land Buildings Accumulated depreciation Patents
The following information is taken from Tammy Corporation's financial statements: Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Land Buildings Accumulated depreciation Patents December 31 2021 2020 $ 73,710 $ 31,590 119,340 93,600 (5,265) (3,627) 187,200 204,750 8,775 7,956 117,000 70,200 343,980 285,480 (37,440) (15,210) 23,400 40,950 $830,700 $715,689 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings-appropriated Retained earnings-unappropriated Treasury stock, at cost $ 105,300 63,180 146,250 117,000 93,600 322,920 (17,550) $830,700 $ 98,280 73,710 70,200 117,000 11,700 354,159 (9,360) $715,689 Net income Depreciation expense Amortization of patents Cash dividends declared and paid Gain or loss on sale of patents For 2021 Year $91,611 22,230 5,850 40,950 none Prepare a statement of cash flows for Tammy Corporation for the year 2021. (Use the indirect method.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Tammy Corporation Statement of Cash Flows Increase (Decrease in Cash Adjustments to reconcile net income to
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