Question: Problems 17-19 (12 points each): 17. Somoza, Inc. has the following partial comparative balance sheet data for 2018-2019: Cash Accounts Receivable Inventories Equipment Accumulated depreciation

 Problems 17-19 (12 points each): 17. Somoza, Inc. has the following

Problems 17-19 (12 points each): 17. Somoza, Inc. has the following partial comparative balance sheet data for 2018-2019: Cash Accounts Receivable Inventories Equipment Accumulated depreciation equipment Land Accounts Payable Dividends Payable Common Stock, S1 par Paid in capital, excess of price over par-Common stock December 31, December 31, 2019 2018 $ 126,000 $93,000 82,000 115,000 260,000 144,000 30,000 90,000 (28,000) (9,000) 510,000 260,000 59,000 19,000 82,000 220,000 22.000 1.000 126,000 22,000 Additional 2019 data: i) 2019 Depreciation Expense was $19,000. ii) Fully depreciated Equipment (zero book value) was disposed of for $22,000 cash, and Land was acquired for $250,000 cash. iii) 2019 Net Income was $320,000. iv) 2019 Cash Dividends paid were $138,000. v) Common Lock was issued for cash. Instructions: Prepare a Full Statement of Cash flows (show Operating, Investing, and Financing activities) using the Indirect Method of presenting Cash Flows from Operating Activities (use format Exhibit 7, text pg. 622)

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!