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This Question: 39 pts 4 of 11 (1 complete) The income statement and additional data of Norton Travel Products, Inc., follow (Click the icon to
This Question: 39 pts 4 of 11 (1 complete) The income statement and additional data of Norton Travel Products, Inc., follow (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data.) 1. Prepare Norton's statement of cash flows for the year ended December 31, 2020, using the indirect method 2. Evaluate Norton's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation Requirement 1. Prepare Norton's statement of cash flows for the year ended December 31, 2020, using the indirect method Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the non-cash in dollar. Use parentheses or a minus sign for numbers to be subtracted and for negative amounts.) Norton Travel Products, Inc. Statement of Cash Flows Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Choose from any list or enter any number in the input fields and then continue to the next question. se income stat Income Statement Year Ended December 31, 2020 st of cash flows ws for the year Revenues: son for Service revenue 69 n's statement d Dividend revenue ows from opera minus sign for Expenses: $ 283,000 8,700 $ 291,700 uding Cost of goods sold 96,000 Norton Tr Stateme Year Ended Civities: Salary expense 54,000 Depreciation expense 27,000 Advertising expense 4,300 Interest expense 2,100 6,000 189.400 Income tax expense $ 102,300 t income to Net income ed for) operati Print Done Additional data: a. Acquisition of plant assets was $200,000. Of this amount, $160,000 was paid in cash and $40,000 by signing a note payable. b. Proceeds from sale of land totalled $23,000 C. Proceeds from issuance of common share totalled $60,000 d. Payment of long-term note payable was $13,000 e. Payment of dividends was $10,000. f. From the balance sheet Current Assets: Cash Accounts receivable Inventory December 31, 2020 2019 $ 150.000 $ 138,900 44.000 57.000 104,000 72,000 tion a inve From the balance sheet: December 31, 2019 2020 tion Current Assets: H Cash $ 150,000 $ 138,900 Accounts receivable 44.000 57.000 Inventory 104,000 72,000 9.500 8.300 Prepaid expenses Current Liabilities: Accounts payable Accrued liabilities $ 38.000 28.000 11.000 24 000
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