The following combined income and retained earnings statement, along with selected balance sheet data, are provided for
Question:
Instructions:
1. Using the direct method, compute the amount of net cash provided by (used in) operating activities for Lincoln Company for 2008.
2. What is the impact of dividends paid on net cash flow from operations?Explain.
Transcribed Image Text:
Lincoln Company Combined Income and Retained Earnings Statement For the Year Ended December 31, 2008 Revenues: Net sales revenue... Other revenues Total revenues $185,000 5,000* $190.000 Expenses: Cost of goods sold ..$118,000 32,100 7,200 1,500 Selling and administrative expenses. Interest expense Total expenses Income before income taxes. Income taxes Net income Retained earnings. January I, 2008 158.800 $ 31,200 9,740 21.460 48,000 $ 69,460 8,000 $ 61,460 Dividends declared and paid Retained earnings, December 31.2008 Gain on sale of equipment (cost, $15,000; book value, $9,000; sales price, $14000). Balance Sheet Amounts Beginning of Year End of Year Accounts recei Inventory Prepaid expenses Accounts payable Interest payable Income taxes payable $32,000 42,600 2.100 7,800 2,500 1.200 $35,000 39.400 1.700 21,200 2.000 4.700
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1 Cash flows from operating activities Cash receipts from customers 182000 a Cash payments for Inven...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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