Question: The comparative statements of financial position for Hinckley Co

The comparative statements of financial position for Hinckley Corporation show the following information.


Additional data related to 2010 are as follows.
1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.
2. $10,000 of the long-term note payable was paid by issuing ordinary shares.
3. Cash dividends paid were $5,000.
4. On January 1, 2010, the building was completely destroyed by a flood. Insurance proceeds on the building were $32,000.
5. Equity investments (non-trading) were sold at $1,700 above their cost.
6. Cash was paid for the acquisition of equipment.
7. A long-term note for $16,000 was issued for the acquisition of equipment.
8. Interest of $2,000 and income taxes of $6,500 were paid in cash.

Instructions
Prepare a statement of cash flows using the indirectmethod.


$1.99
Sales0
Views177
Comments
  • CreatedJune 17, 2013
  • Files Included
Post your question
5000