undefined

Depr won expe Bad debt expense Interest expense Loss on sale of building Income tax expense Net income 1 10 7 22 261 $ 46 Additional information from the accounting records: 1.A building that originally cost $60,000, and which was three-fourths depreciated, was sold for $8,000. The common stock of Star Corporation was purchased for $2,000 as a long-term investment. . Property was acquired by issuing a 13%, seven-year, $35,000 note payable the seller iv. New equipment was purchased for $25,000 cash. v. On January 1, 2021, bonds were sold at their $25,000 face value. vi. On Janupry 19, Arduous issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. vii. Cash dividends of $11,000 were paid to shareholders. vii. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $6,000 Prepare a statement of cash flows using the direct method. Show net cash flows from operating, investing, and financing activities and reconcile back to the change in cash. A IK X O GQ V 14px For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I g Paragraph Arial Statement of Cash flows Operating Activities Cash from customers 300 Cash paid to suppliers. (25000) Cash paid to employees (45) Cash paid for interest (10) Cash paid for taxes (22) Operating cash flows Investing Activities Sale of land B000 Sale of equipment purchase of short term investment (1400) purchase of land (35000) Search or type URL ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Acumulated depreciation $ 81 59 (3) 7 50 32 70 275 (51) $ 520 $ 56 60 (2) 6 45 30 35 310 (90) $ 450 $ 59 3 9 payable $ 73 6 4 16 Liabilities Accounts payable Salaries payable Interest Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital -excess of par Retained earnings Less: Treasury stock 35 95 (5) 70 (6) 210 24 88 (6) $ 520 200 20 67 0 38708/ $ 450 ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 300 Dividend revenue 7 $ 307 Expenses Cost of goods sold 170 Salaries expense 45 Depreciation expense 6 Bad debt expense Interest expense 10 Loss on sale of building 7 Income tax expense 22 261 Net income $ 46 vo. S