Superfine Company collected the following data in preparing its cash flow statement for the year ended December
Question:
Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1:
Amortization of bond discount | $ 1,000 |
Dividends declared | 22,500 |
Dividends paid | 19,000 |
Gain on sale of equipment | 3,000 |
Proceeds from the sale of equipment | 5,000 |
Proceeds from the sale of treasury stock (carrying amount $32,500) | 37,500 |
Purchase of BAS Inc. bonds (par value $100,000) | 90,000 |
Required:
Determine the following amounts that should be reported in Superfine’s 20X1 statement of cash flows.
1. What amount should Superfine report as net cash used in investing activities?
2. What amount should Superfine report as net cash provided by financing activities?
Step by Step Answer:
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer