Question: Problem 11-55A (Algorithmic) Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: Additional Information: 1. Net income for 2019 was

 Problem 11-55A (Algorithmic) Preparing a Statement of Cash Flows Erie Company
reported the following comparative balance sheets: Additional Information: 1. Net income for
2019 was $20,500. 2. Cash dividends of $9,200 were declared and paid

Problem 11-55A (Algorithmic) Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: Additional Information: 1. Net income for 2019 was $20,500. 2. Cash dividends of $9,200 were declared and paid during 2019. 3. Long-term investments with a cost of $28,600 were sold for cash at a gain of $4,100. Additional long-term investments were purchased for $14,400 cash. 4. Equipment with a cost of $14,800 and accumulated depreciation of $13,500 was sold for $3,800 cash. New equipment was purchased for $27,350 cash. 5. Depreciation expense was $18,900. 6. A principal payment of $23,700 was made on long-term notes. 7. Common stock was sold for $31,500 cash. Required: Prepare a statement of cash flows for Erie, using the indirect method to compute net cash flow from operating activities. Use a minus sign to indicate any decreases in cash or cash outflows. If an answer is zero, enter " 0 ". Net cash provided by operating activities Cash flows from investing activities: Net cash used for investing activities Cash flows from financing activities: Net cash used for financing activities Cash, 1/1/2019 Cash, 12/31/2019

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!