Question: The comparative balance sheet of True Tread Flooring Co for June 30 2006

The comparative balance sheet of True-Tread Flooring Co. for June 30, 2006 and 2005, is as follows:

The following additional information was taken from the records of True-Tread Flooring Co.:
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 $46,100 credit to Retained Earnings for net income.
f. There was a $48,000 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
View Solution:

Sale on SolutionInn
  • CreatedNovember 12, 2012
  • Files Included
Post your question