Answered step by step
Verified Expert Solution
Question
1 Approved Answer
When assisting me with this question, could you please keep it in the same format so I have an easier understanding of how this should
When assisting me with this question, could you please keep it in the same format so I have an easier understanding of how this should be handled and wrote out
Prepare a Statement of Cash Flows for Holly Corp using the information given below: Holly Company Income Statement 2009 ** Sales Cost of Goods Sold Gross Profit Depreciation expense other operating expenses Income from Operations Gain on Sale of Land Net Income 9,000 5,400 3,600 200 2,700 700 100 800 Note: Land was sold for $600. No equipment was sold. Gain on sale of Land was $100. Dividends of $500 were declared and paid. Part IV Holly Company Comparative Balance Sheet 2009 2008 Change 1,045 550 1,460 Assets Cash Accts Receivable Inventory Land Plant & Equipment Accumulated Depreciation Total Assets 350 540 1,450 500 1,700 1,700 (720) 4,035 (520) 4,020 Liabilities & Equity Accounts Payable Long Term Debt Common Stock Retained Earnings Total Liability & Equity 715 200 800 2.320 700 500 800 2,020 4,035 4,020 Holly Company Statement of Cash Flows 2009 (dollars in thousands) Cash Flows from Operating Activities Net Income Addback Depreciation Expense Less "Gain on Sale" of Equip change in A/R change in Inventory change in A/P Total Cash Flows from Operating Activities Cash Flows from Investing Activities Cash received from sale of UIT Assets Cash used for purchase of UT Assets Total Cash Flows from Investing Activities Cash Flows from Financing Activities Cash received from issuing UIT Debt Cash used to retire LIT Debt Cash received from sale of stock Cash used to purchase Treasury Stock Cash used to pay dividends Total Cash Flows from Financing Activities Change in Cash during 2xxx TANT Add: Beginning cash balance Ending cash balanceStep 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