The accountant for Pil Corporation collected the following information that he thought might be useful in the
Question:
The accountant for Pil Corporation collected the following information that he thought might be useful in the preparation of the company’s consolidated statement of cash flows (in thousands):
Cash paid for purchase of equipment $ 270
Cash paid for other expenses 450
Cash paid to suppliers 630
Cash received from customers 1,600
Cash received from sale of land 500
Cash received from treasury stock sold 400
Dividends from equity investees 40
Dividends paid to noncontrolling stockholders 20
Dividends paid to Pil’s stockholders 50
Gain on sale of land 200
Income from equity investees 80
Interest received from short-term loan 5
Noncontrolling interest share 45
REQUIRED: Prepare the Cash Flows from Operating Activities section of the consolidated statement of cash flows for Pil Corporation and Subsidiaries using the direct method of presentation.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith