Question: Question #2 Additional information a) Net Income was $13,290. b) Common stock was issued for cash proceeds of $5,500. c) Amortization of patents were $500.

Question \#2 Additional information a) Net Income was $13,290. b) Common stock was issued for cash proceeds of $5,500. c) Amortization of patents were $500. d) Depreciation expense, buildings were $1,000. e) Mortgage principal of $2,000 was repaid during the year. f) Depreciation expense, equipment was $1,500. g) A small parcel of land was purchased during the year for $2,000. h) Equipment with a cost of $4,000 and accumulated depreciation of $2,900 was sold for a loss of $300. i) Dividends of $12,000 were declared; dividends paid were $10,500. Required: Prepare a cash flow statement, using the indirect method for the year ended June 30, 2023. All income statement information needed are provided above as additional information
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
