Question

The income statement and additional data of Tullis Travel Products, Inc., follow:


Additional data:
a. Acquisition of plant assets was $ 95,000. Of this amount, $ 65,000 was paid in cash and $ 30,000 by signing a note payable.
b. Proceeds from sale of land totaled $ 17,000.
c. Proceeds from issuance of common stock totaled $ 46,000.
d. Payment of long- term note payable was $ 17,000.
e. Payment of dividends was $ 8,000.
f. From the balance sheets:


Requirements
1. Prepare Tullis Travel Products’s statement of cash fllows for the year ended December 31, 2014, using the indirect method.
2. Evaluate Tullis’ cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for yourevaluation.


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  • CreatedJuly 25, 2014
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