Sunapee Software Corp. has assembled the following data for the years ending December 31, 2021 and...
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Sunapee Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020. (Click the icon to view the current accounts.) i (Click the icon to view the transaction data.) Requirement 1. Prepare Sunapee's statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities. Start by completing the cash flows from operating activities. Then complete the remaining sections of the statement of cash flows including the schedule of noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Current Accounts: Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Current liabilities: Accounts payable Income tax payable Accrued liabilities $ December 31, 2021 42,600 $ 69,700 8,600 3,100 $ 57,300 $ 18,700 14,900 2020 21,000 64,200 80,000 2,400 55,600 16,600 27,900 Transaction Data for 2021: Acquisition of land by issuing long-term note payable Stock dividends Collection of loan Depreciation expense Purchase of building with cash Retirement of bonds payable by issuing common stock Purchase of long-term investment with cash Purchase of treasury stock 197,000 Gain on sale of equipment 31,600 Payment of cash dividends 12,400 Issuance of long-term note 19,000 payable to borrow cash Net income 109,000 Issuance of common stock for cash 66,000 Proceeds from sale of equipment 45,300 Amortization expense $ 11,800 5,000 12,200 54,600 5,900 38,100 12,900 6,000 Sunapee Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020. (Click the icon to view the current accounts.) i (Click the icon to view the transaction data.) Requirement 1. Prepare Sunapee's statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities. Start by completing the cash flows from operating activities. Then complete the remaining sections of the statement of cash flows including the schedule of noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Current Accounts: Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Current liabilities: Accounts payable Income tax payable Accrued liabilities $ December 31, 2021 42,600 $ 69,700 8,600 3,100 $ 57,300 $ 18,700 14,900 2020 21,000 64,200 80,000 2,400 55,600 16,600 27,900 Transaction Data for 2021: Acquisition of land by issuing long-term note payable Stock dividends Collection of loan Depreciation expense Purchase of building with cash Retirement of bonds payable by issuing common stock Purchase of long-term investment with cash Purchase of treasury stock 197,000 Gain on sale of equipment 31,600 Payment of cash dividends 12,400 Issuance of long-term note 19,000 payable to borrow cash Net income 109,000 Issuance of common stock for cash 66,000 Proceeds from sale of equipment 45,300 Amortization expense $ 11,800 5,000 12,200 54,600 5,900 38,100 12,900 6,000
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
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