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Year ended in 2018 where it cut offs. Thank you. True North Media Corporation had the following income statement and balance sheet for 2018: (Click
Year ended in 2018 where it cut offs. Thank you.
True North Media Corporation had the following income statement and balance sheet for 2018: (Click the icon to view the income statement. (Click the icon to view the balance sheet.) During the year True North issued a $5,200 note payable. True North acquired equipment worth $22,000, and made payments on the long-term notes payable in the amount of $10,200 during the year. Assume the company paid cash for the acquisition of plant assets. Prepare True North Media's statement of cash flows-indirect method for the year ended December 31, 2018 Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) A Data Table True North Media Corporation Income Statement Year Ended December 31, 2018 Sales Revenue $ Depreciation ExpensePlant Assets Other Expenses $ Net Income 81,000 17,000 49,000 15,000 Print Done True North Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 $ Assets Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,400 $ 8,100 4,100 6,600 Accumulated DepreciationPlant Assets 109,350 (35,350) 87,500 $ 87,350 (18,350) 79,700 Total Assets $ $ 6,400 $ 4,000 8,000 13,000 Liabilities Current Liabilities: Accounts Payable Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity 14,400 17,000 28,000 22.000 45,100 40,700 73,100 62,700 87,500 $ 79,700 $ Total Liabilities and Stockholders' Equity Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) True North Media Corporation Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Prepare True North Media's statement of cash flows-indirect method for the year ended December 31, 2 Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2017 Cash Balance, December 31, 2018Step by Step Solution
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