Refer to the situation described in BE 4-13 and BE 4-14. How might your solution to those
Question:
Refer to the situation described in BE 4-13 and BE 4-14. How might your solution to those brief exercises differ if Hilliard Healthcare Co. prepares its statement of cash flows according to International Financial Reporting Standards?
In BE 4-13, the following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):
Cash Received from:
Customers ........ $660,000
Interest on note receivables .. 12,000
Collection of note receivable . 100,000
Sale of land ......... 40,000
Insurance of common stock .. 200,000
Cash paid for:
Interest on note payable ..... 18,000
Purchase of equipment ..... 120,000
Operating expenses ..... 440,000
Dividends to shareholders ... 30,000
Statement of cash flows; investing and financing activities
In BE 4-14, Refer to the situation described in BE 4-13. Prepare the cash flows from investing and financing activities sections of HHC's statement of cash flows.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Step by Step Answer:
Under IFRS interest received and interest paid usually are classified as investing and financing cas...View the full answer
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
