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a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and...
a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and paid. c. Scoreteck's only noncash expense was $85,000 of depreciation. d. The company purchased plant assets for $85,000 cash. e. Notes payable of $35,000 were issued for $35,000 cash. Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK CORPORATION...
a. Net income for the year was $110,000. b. Dividends of $100,000 cash were declared and paid. c. Scoreteck’s only noncash expense was $80,000 of depreciation. d. The company purchased plant assets for $80,000 cash. e. Notes payable of $30,000 were issued for $30,000 cash. Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK...
a. Net income for the year was $117,000 b. Dividends of $114,000 cash were declared and paid c. Scoreteck's only noncash expense was $87,000 of depreciation d. The company purchased plant assets for $87,000 caslh e. Notes payable of $37,000 were issued for $37,000 cash Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK CORPORATION...
fill in the blank box Exercise 12-13AA Indirect: Cash flows spreadsheet LO P4 a Net income for the year was $101,000. b. Dividends of $82,000 cash were declared and paid. c. Scoreteck's only noncash expense was $71,000 of depreciation d. The company purchased plant assets for $71,000 cash. e. Notes payable of $21,000 were issued for $21,000 cash Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 780,000 Less: Cost of Goods Sold 360,000 Gross Profit 420,000 Less: Selling,...
1. Net income was $22.630. Dividends declared and paid were $19,500. 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,900. ODO Instructions (a) Prepare a statement of cash flows for 2017 using the indirect method. (b) Compute free cash flow. statement E17-8 Here are comparative balance sheets for Velo Company Prepare a statement of cash flows-indirect method. (LO2) ick Corp. Prove the cash Balance VELO COMPANY Comparative Balance Sheets December...
Below are the income statement and comparative balance sheet of Doone Corporation for year ending Dec 31, 2019 is given below. All amounts in Canadian dollars. Required: Prepare the cashflow statement, clearly including operating, financing and investing activities up to the net change in cash using the Indirect method as of Dec 31, 2019. Doone Corporation Income Statement For the Year ended Dec 31, 2019 Sales Revenue 950,000 Less: Cost of Goods Sold 520,000 Gross Profit 430,000 Less: Selling,...
The following information is related to Somerset Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 650,000 Gain on Sale of Plant Assets 50,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Receivable ($45,000) Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $150,000 Dividends paid were $35,000 Use this information to prepare a partial Statement of Cash Flows for Somerset Company. Prepare...
The following additional data were provided: 1. Dividends declared and paid were $35,000. 2. During the year equipment was sold for $17,000 cash. This equipment cost $28,000 originally and had a book value of $17,000 at the time of sale. 3. All depreciation expense is in the operating expenses. 4. All sales and purchases are on account. 5. Accounts payable pertain to merchandise suppliers. 6. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash...
Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2047 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common...