Question: The comparative balance sheet of True Tread Flooring Co for June 30

The comparative balance sheet of True-Tread Flooring Co. for June 30, 2007 and 2006, is as follows:

The income statement for the year ended June 30, 2007, is as follows:

The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $41,000 cash.
d. The common stock was issued for cash.
e. There was a $48,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.
View Solution:

Sale on SolutionInn
  • CreatedMay 29, 2012
  • Files Included
Post your question