Accountants for Crowne Plaza Products, Inc., have assembled the following data for the year ended December 31,
Question:
Required
Prepare Crowne Plaza Products' statement of cash flows using the indirect method to report operating activities. Include an accompanying schedule of noncash investing and financing activities.
Transcribed Image Text:
December 31, 20X4 20X3 Current Accounts: Current assets: Cash and cash equivalents Accounts receivable ...70,100 73,700 Inventories Prepaid expenses $29,100 $34,800 90,600 96,500 3,200 2,100 Current liabilities: Accounts payable Income tax payable.... Accrued liabilities. $71,600 $67,500 5,900 6,800 28,300 23,200 Transaction Data for 20X4: Payment of cash dividends Issua nce of long-term note $48,300 Stock dividends 12,600 Collection of loan.... 10,300 69,000 89,400 44,800 payable to borrow cas....7 71,000 Depreciation expense... 31,000 Purchase of equipment..69 Payment of note paya ble Net income Issua nce of preferred stock for cash 36,200 by issuing common stock Sale of long-term investment12,200 Purchase of long-term Amortization expense..1,100 Payment of long-term investment.... Acquisition of building by note payable..47,800 issuing long-term note payable Gain on sale of investment 3,500 201,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 28% (7 reviews)
Statement of cash flow Amount Cash Flow from Operating Activity Net income 31000 Dep 29200 Di...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
Question Posted:
Students also viewed these Accounting questions
-
Accountants for Crowne Plaza Products Inc. have assembled the following data for the year ended December 31, 2014: Requirement Prepare Crowne Plaza Products' statement of cash flows using the...
-
Accountants for Crowne Plaza Products Inc. have assembled the following data for the year ended December 31, 2017: Requirement Prepare Crowne Plaza Products's statement of cash flows using the...
-
Accountants for Smithson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare Smithsons statement of cash flows using the indirect method. Include an accompanying...
-
Find I0 in the circuit using nodal analysis. WW- Io 2kQ SkQ 10 mA 2kQ
-
Office Warehouse Supplies Inc. has cash and carry customers and credit customers. Office Warehouse estimates that 40% of monthly sales are to cash customers, while the remaining sales are to credit...
-
In the current environment, we contrasts the American and Chinese economies in terms of using global, ethical, political, physical, and societal indicators.Does the size and growth of the economies...
-
Do you agree that individual states should be able to place reasonable restrictions or waiting periods? Who should determine what is reasonable?
-
The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows: The income statement for the year ended December 31, 2016, is as follows: Additional data obtained...
-
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its...
-
2. First Lady of Software Grace Hopper is widely known as the "First Lady of Software." She is primarily known for helping to create the first all-electrical digital computer: UNIVAC (Universal...
-
Cruise America Motorhomes, Inc. (CAM), was formed on January 1, 20X8, when the company issued its common stock for $200,000. Early in January, CAM made the following cash payments: a. For store...
-
The comparative balance sheet of Crossbow Novelties Corp. at December 31, 20X5, reported the following: Required 1. Prepare the statement of cash flows of Crossbow Novelties Corp. for the year ended...
-
Reflect on the relationships you have had with a past or present leader. Think about the kind of working relationship you have had with them and what thought (if any) you have put into your...
-
Assume that a test particle is released from rest in an electric field and experiences no forces other than the electric force exerted by that electric field. Does an electric field line passing...
-
A spherical air bubble in a lake expands as it rises slowly to the surface. At the point it starts to rise, the pressure is \(2.00 \mathrm{~atm}\), the temperature of the water is \(10.0^{\circ}...
-
Journalise the following transactions. Post them into ledger and prepare trial balance. 2013 April 1 April 2 April 3 April 4 April 10 April 13 April 15 April 18 April 19 April 25 April 28 Mohan...
-
A 1. 00-mol sample of an ideal gas expands such that its entropy doubles to \(1.345 \times 10^{24}\). The temperature is held constant at \(100 \mathrm{~K}\) during the expansion. (a) How much work...
-
How would your answer to Problem 3 change if the discount rate were 5 percent? What is the most that society would spend to avoid the \($1\) million loss in 20 years with a 5 percent discount rate?...
-
What is the force and moment reaction at section 1? Water (at 50F) is flowing in the system. Neglect gravitational forces. 30 V = 50 ft/s A = 0.1 ft? O p = 20 psi Pipe area ='0.6 ft? V = 50 ft/s A =...
-
A heat engine has a heat input of 3 Ã 104 Btu/h and a thermal efficiency of 40 percent. Calculate the power it will produce, in hp. Source 3 x 10 Btu/h 40% HE Sink
-
How is the atomic number of an atom determined?
-
How are elements probably formed?
-
What are non marginal investors? How can i distinguish between a non marginal investor and a marginal investor among shareholders? Explain it briefly and conclude it.
-
How would Stephanies decisions concerning conducting stock transactions be affected if she were 35 years old? If she were 50 years old? What are stock exchanges? How do they facilitate the trading of...
-
Write a script to determine whether a given file system or mount point is mounted, and output the amount of free space on the file system if it is mounted. If the file system is not mounted, the...
Study smarter with the SolutionInn App