Cash Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Expenses Land Building Equipment Accumulated depreciation FVTOCI...

  

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Cash Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Expenses Land Building Equipment Accumulated depreciation FVTOCI Investments Patents Accounts payable Wages payable Unearned revenue Bonds payable Common Stock Retained earnings A*OCI - FVTOCI Investments Viking Corp. Balance Sheet December 31st 20x9 $ 100,000 68,000 (8,000) 120,000 9,000 120,000 75,000 300,000 (165,000) 95,000 112,000 $826,000 $63,000 16,000 35,000 100,500 240,000 367,500 4,000 $826,000 20x8 $ 42,000 33,500 (3,500) 140,000 12,000 80,000 60,000 280,000 (142,000) 75,000 88,000 $665,000 $42,000 18,000 60,000 124,860 140,000 286,140 (6,000) $665,000 Sales Cost of goods sold Depreciation expense - building and equipment Amortization expense - patents Viking Corp. Income Statement Year ended December 31, 20x9 Wage expense Interest expense Bad debt expense Insurance expense Property tax expense Sales and general administrative expenses Gain on sale of equipment Loss on sale of land Income before Income Taxes Income tax expense Net Income Other comprehensive income Gain on FVTOCI Investments Total comprehensive income Other Information: (a) (b) (c) (d) 727,850 88,000 22,000 116,000 19,500 9,300 33,000 28,600 56,000 $1,547,000 1,100,250 446,750 32,000 (42,000) 436,750 174,750 262,000 19,000 $281,000 The company exchanged shares for land having a value of $100,000 The company disposed of equipment costing $80,000 During the year, the company acquired $29,000 in additional FVTOCI investments for cash. Land having a cost of $60,000 was disposed of during the year Required - Prepare the cash flow from operation section of the Statement of Cash Flow using the indirect method. Prepare the cash flow from operation section of the Statement of Cash Flow using the direct method. Prepare the cash flow from investing section of the Statement of Cash Flow. What is the amount of cash dividends paid for the year ended December 31, 20x9. Cash Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Expenses Land Building Equipment Accumulated depreciation FVTOCI Investments Patents Accounts payable Wages payable Unearned revenue Bonds payable Common Stock Retained earnings A*OCI - FVTOCI Investments Viking Corp. Balance Sheet December 31st 20x9 $ 100,000 68,000 (8,000) 120,000 9,000 120,000 75,000 300,000 (165,000) 95,000 112,000 $826,000 $63,000 16,000 35,000 100,500 240,000 367,500 4,000 $826,000 20x8 $ 42,000 33,500 (3,500) 140,000 12,000 80,000 60,000 280,000 (142,000) 75,000 88,000 $665,000 $42,000 18,000 60,000 124,860 140,000 286,140 (6,000) $665,000 Sales Cost of goods sold Depreciation expense - building and equipment Amortization expense - patents Viking Corp. Income Statement Year ended December 31, 20x9 Wage expense Interest expense Bad debt expense Insurance expense Property tax expense Sales and general administrative expenses Gain on sale of equipment Loss on sale of land Income before Income Taxes Income tax expense Net Income Other comprehensive income Gain on FVTOCI Investments Total comprehensive income Other Information: (a) (b) (c) (d) 727,850 88,000 22,000 116,000 19,500 9,300 33,000 28,600 56,000 $1,547,000 1,100,250 446,750 32,000 (42,000) 436,750 174,750 262,000 19,000 $281,000 The company exchanged shares for land having a value of $100,000 The company disposed of equipment costing $80,000 During the year, the company acquired $29,000 in additional FVTOCI investments for cash. Land having a cost of $60,000 was disposed of during the year Required - Prepare the cash flow from operation section of the Statement of Cash Flow using the indirect method. Prepare the cash flow from operation section of the Statement of Cash Flow using the direct method. Prepare the cash flow from investing section of the Statement of Cash Flow. What is the amount of cash dividends paid for the year ended December 31, 20x9.

Answer rating: 100% (QA)

ANSWER 1 Cash flow from operations Indirect Method Particulars Amount Total Amount Cash Flow from Operating Activities Net Income 281000 Add Items for cash basis Gain on FVTOCI 19000 Depreciation 8800... View the full answer