Question

Data from the comparative balance sheet of Johnson Company at March 31, 2014, follow:
Johnson Company’s transactions during the year ended March 31, 2014, included the following:
Payment of cash dividend ............... $33,500
Purchase of equipment for cash ............. 78,300
Issuance of long-term note payable in exchange for cash .... 56,000
Depreciation Expense .................. $17,500
Purchase of building for cash .............. 47,800
Net Income .................... 73,500
Issuance of common shares .............. 13,000
Requirements
1. Prepare Johnson 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 Johnson Company'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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