Question

Data from the comparative balance sheet of Izzie Company at March 31, 2014, follow:
Izzie Company’s transactions during the year ended March 31, 2014, included the following:
Payment of cash dividend ................ $30,000
Purchase of equipment for cash .............. 78,700
Issuance of long-term note payable in exchange for cash ... 50,000
Depreciation Expense ............... $17,300
Purchase of building for cash ............... 47,000
Net Income ..................... 70,000
Issuance of common shares ............... 11,000
Requirements
1. Prepare Izzie Company’s cash flow statement for the year ended March 31, 2014, using the indirect method to report cash flows from operating activities.
2. Evaluate Izzie’s cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation.


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  • CreatedJuly 08, 2015
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