Question

The accounting records of Laurent Company provided the following data:


Other information:
a. Paid a $ 24,000 long- term note payable by issuing common shares.
b. Purchased capital assets that cost $ 99,000; gave a $ 72,000 long- term note payable and paid $ 27,000 cash.
c. Sold the long- term investment at cost, for cash.
d. Assume that unexplained differences in asset, liability, and equity accounts flow from logical sources.

Required:
1. Prepare the SCF, using the two- step indirect method of presentation for the operating activities section. Omit separate disclosure of cash paid for interest and income tax. Include a list of non- cash transactions that would be presented in the disclosure notes.
2. Prepare the operating activities section of the SCF using the directmethod.


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  • CreatedFebruary 17, 2015
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