Post-closing trial balance data and other financial data for The Candy Company as of December 31, 2016
Question:
Post-closing trial balance data and other financial data for The Candy Company as of December 31, 2016 and 2015, follow.
INSTRUCTIONS
Prepare a statement of cash flows for 2016. Additional information for the year follows:
a. Sold common stock for $20,000 in cash.
b. Had net income of $76,000 after income taxes.
c. Sold bonds payable for $50,000 cash at par value.
d. Completed a major addition to the building for $70,000 in cash.
e. Bought additional land for $35,000 in cash.
f. Paid common stock dividends of $25,000 in cash.
g. Amortized intangible assets for $700.
h. The short-term note payable resulted from operating activities, not borrowing or financing activities.
Analyze: Were activities related to operations, investing, or financing responsible for the largestnet inflow of cash?
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Step by Step Answer:
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina