Prepare Nortonstatement of cash flows for the year ended December 31,2018,using the indirect method Start by...
Prepare
Nortonstatement of cash flows for the year ended December
31,2018,using the indirect method
Start by completing the cash flows from operating activities.
Acquisition of plant assets was $184,000. Of this amount,$140,000
was paid in cash and $44,000was financed by signing a note payable.
Proceeds from the sale of land totaled $34,000.
Proceeds from the issuance of common stock totaled $100,000.
Payment of a long-term note payable was $18,000.
Payment of dividends was $15,000.
From the balance sheets:
Additional data:
December 31, 2018. December 2017
|
Current Assets |
||
|
Cash |
$80,000 |
$19,400 |
|
Accounts receivables |
44,000 |
62,000 |
|
Inventory |
40,000 |
87,000 |
|
Prepaid expenses |
10,000 |
8,400 |
|
Current Liabilities: |
||
|
Accounts Payable |
$31,000 |
$17,000 |
|
Accrued Liabilities |
11,000 |
57,000 |
Norton Travel Products, Inc.
Income Statement
Year Ended December 31, 2018
Revenues:
Service revenue $235,000
Dividend revenue $8,800. $243,800
Expenses:
Cost of goods sold. 102,000
Salary expense. 55,000
Depreciation expense. 39,000
Advertising expense 3,000
Interest expense 2,600
Income tax expense 13,000. 214,600
Net income. $29,200
Homework Answers
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Prepare
Nortonstatement of cash flows for the year ended December
31,2018,using the indirect method
Start by...
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