Ower Corporation s controller has just finished preparing a consolidated balance sheet, income statement, and statement of
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Ower Corporations controller has just finished preparing a consolidated balance sheet, income statement, and statement of changes in retained earnings for the year ended December X Power owns percent of Setwork Corporations stock, which it acquired at underlying book value on November X At that date, the fair value of the noncontrolling interest was equal to percent of Setwork Corporations book value. The following information is available:
Consolidated net income for X was $
Setwork reported net income of $ for X
Power paid dividends of $ in X
Setwork paid dividends of $ in X
Power issued common stock on February X for a total of $
Consolidated wages payable decreased by $ in X
Consolidated depreciation expense for the year was $
Consolidated accounts receivable decreased by $ in X
Bonds payable of Power with a book value of $ were retired for $ on December X
Consolidated amortization expense on patents was $ for X
Power sold land that it had purchased for $ to a nonaffiliate for $ on June X
Consolidated accounts payable decreased by $ during X
Total purchases of equipment by Power and Setwork during X were $
Consolidated inventory increased by $ during X
There were no intercompany transfers between Power and Setwork in X or prior years except for Setwork's payment of dividends. Power uses the indirect method in preparing its cash flow statement.
Based on the preceding information, what amount will be reported in the consolidated cash flow statement as net cash used in financing activities for X
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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