Question: Please help The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company Additional information

Please help
Please help The comparative balance sheets for 2018 and 2017 and the
statement of income for 2018 are given below for Wright Company Additional

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company Additional information from Wright's accounting records is provided aiso. Additional information from the accounting records. a. Land that originally cost $30.000 was sold for $26.000 b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock (\$75,000 par) was sold for $96,000 g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with o minus sign. Enter your onswers in thousonds (i.e., 5,000 should be entered os 5).)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!