Question

The comparative statement of financial position and statement of income for NextWave Company follow.
Additional information:
1. Some of the long-term investments were sold at their carrying value. As a result, there was no gain or loss on this transaction.
2. Equipment costing $47,000 was sold for $10,500, which was $3,700 more than its net carrying amount at the time of disposal.
Required:
a. Prepare the company’s statement of cash flows for 2016 using the indirect method.
b. Calculate the amount of cash that was paid for income taxes during 2016.
c. Determine the cash flows from operating activities using the direct method.


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  • CreatedJune 11, 2015
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