Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017: Nonoperating cash receipts: For sale of common stock $

The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017:

Nonoperating cash receipts:

For sale of common stock

$ 65,280

From sale of land (original cost $111,600)

94,800

From sale of intangible assets (at net book value)

37,800

Nonoperating cash payments:

For purchase of common stock as investment

1,020,000

To stockholders as dividends

117,600

The companys balance sheet reports the following:

December 31, 2017

December 31, 2016

Cash

$ 134,160

$ 100,800

Accounts receivable

470,400

424,800

Inventory

61,680

80,400

Accounts payable

450,000

576,000

Accrued liabilities

336,000

438,000

The companys 2017 income statement reports the following:

Depreciation expense

$114,000

Fixed asset impairment

9,000

Net income

1,088,160

Required:

Provide the following amounts that would appear on an indirect method statement of cash flows for December 31, 2017 for Lumos, Inc.:

a. Net cash provided (used) by operating activities: _____________________

b. Net cash provided (used) by investing activities: _____________________

c. Net cash provided (used) by financing activities: _____________________

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_2

Step: 3

blur-text-image_3

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

DOD Financial Management The Army Faces Significant Challenges In Achieving Audit Readiness For Its Military Pay

Authors: Government Accountability Office

1st Edition

1492310921, 978-1492310921

More Books

Students also viewed these Accounting questions