Question: please help me with this thank you The comparative balance sheet of Yellow Dog Enterprises inc. at December 31, 20Y8 and 20Y7, is as follows:



The comparative balance sheet of Yellow Dog Enterprises inc. at December 31, 20Y8 and 20Y7, is as follows: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y are as follows: a. Net income, $250,000 b. Depreciation reported on the income statement, $135,000. c. Equipment was purchased at a cost of $420,000 and fully depreciated equipment costing $90,000 was discarded, with no salvage rhalized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penaliy. e. 30,000 shares of common stock were issued at $20 for cash. 1. Cash dividends declared and paid, $45,000. Required: Prepare a statement of cash flows, using the indirect mothod of presenting cash fows from (used fori oneratiog activities. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Statement of Cash Flows instructions Statement of Cash Flows 8 Increase in prepaid expenses 9. Increase in accounts payable 10 Net cash flows from operating activities 12 Cash flows from (used for) investing activities: 13 Cash paid for equipment 14 Net cash flows used for investing activities Ad 16. Cash flows trom (used for) financing activities: 1) Cash paid to retire mortgage note payable it Cash received from sale of common stock 15. Cash paid for dividends 30. Net cash flows from financing activities 14 Net decrease in cash 2n Cash bolance, January 1,20r8 3) Cash balance, December 31,20Y
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
