The following pertains to Addison Corporation: Additional Information for Addison (all 2019 activities): Net Income for 2019
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Question:
The following pertains to Addison Corporation:
Additional Information for Addison (all 2019 activities):
- Net Income for 2019 = $65,000
- 2019 Depreciation Expense = $40,000
- Additional equipment purchased in 2019 = $191,000
- Equipment with a cost of $40,000 and book value of $35,000 was sold for $31,000, resulting in a loss of $4,000. (Note: This loss was included in the net income of $65,000).
- The company issued bonds in 2019 for $100,000.
- The company issued 1,000 shares of $10 par value capital stock for cash at a price of $50 per share.
- Cash dividends declared and paid to stockholders totaled $40,000 during the year.
Prepare a statement of Cash Flows using the indirect method. The statement should present the three separate sections showing cash flows from Operating Activities, Investing Activities and Financing Activities
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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