Autos of Red Deer Inc. reported the following financial statements for 2014: Autos of Red Deer Inc.

Question:

Autos of Red Deer Inc. reported the following financial statements for 2014:
Autos of Red Deer Inc.
Income Statement
For the Year Ended December 31, 2014
(in thousands)
Sales revenue .................................................................................................................. $710
Cost of goods sold .......................................................................................................... 340
Salary expense ................................................................................................................ 70
Depreciation expense ...................................................................................................... 20
Other expenses ............................................................................................................... 130
Total expenses ................................................................................................................ 560
Net income ..................................................................................................................... $150
Autos of Red Deer Inc. reported the following financial statements

Compute the following investing cash flows:
a. Acquisitions of plant and equipment (all were for cash). Autos of Red Deer sold no plant and equipment.
b. Proceeds from the sale of investments. Autos of Red Deer purchased no investments.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

Question Posted: