Financial statement data for Gibbons Electronics Company for 2016 follow Additional
Financial statement data for Gibbons Electronics Company for 2016 follow.
Additional information:
1. Equipment that cost $100,000 and had a net carrying amount of $40,000 was sold for $50,000.
2. Dividends were declared and paid during the year.
Required:
a. Prepare a statement of cash flows for Gibbons Electronic Company for the year ended December 31, 2016. Include supplementary information to disclose the amounts paid for interest and income taxes using the indirect method.
b. Determine the cash flows from operating activities using the direct method.
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