Question Content Area The comparative balance sheet of ConnieJo Company for Years 1 and 2 ended December
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Question:
Question Content Area
The comparative balance sheet of ConnieJo Company for Years and ended December appears in condensed form as follows:
Line Item Description Year Year
Assets
Cash $ $
Accounts receivable net
Inventories
Investments
Equipment
Accumulated depreciationequipment
Total Assets $ $
Liabilities and Stockholders' Equity
Accounts payable $ $
Bonds payable, due Year
Common stock, $ par
Paidin capital in excess of parcommon stock
Retained earnings
Total liabilities and stockholders' equity $ $
The income statement for the current year is as follows:
Line Item Description Amount Amount
Sales $
Cost of goods sold
Gross profit $
Operating expenses:
Depreciation expense $
Other operating expenses
Total operating expenses
Operating income $
Other revenue and expense:
Gain on sale of investment $
Interest expense
Total other revenue and expense
Income before income tax $
Income tax expense
Net income $
Additional data for the current year are as follows:
Fully depreciated equipment costing $ was scrapped, no salvage, and equipment was purchased for $
Bonds payable for $ were retired by payment at their face amount.
An additional shares of common stock were issued at $ for cash.
Cash dividends declared were paid, $
All sales were on account.
Prepare a statement of cash flows, using the direct method of reporting cash flows from used for operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
ConnieJo Company
Statement of Cash Flows
For the Year Ended December Year
Line Item Description Amount Amount
Cash flows from used for operating activities:
Cash received from customers
$Cash received from customers
Cash payments for merchandise
Cash payments for merchandise
Cash payments for operating expenses
Cash payments for operating expenses
Cash payments for interest
Cash payments for interest
Cash payments for income taxes
Cash payments for income taxes
Net cash flows from operating activities $Net cash flows from operating activities
Cash flows from used for investing activities:
Cash received from sale of investments
$Cash received from sale of investments
Cash paid for purchase of equipment
Cash paid for purchase of equipment
Net cash flows used for investing activities Net cash flows used for investing activities
Cash flows from used for financing activities:
Cash received from sale of common stock
$Cash received from sale of common stock
Cash paid for dividends
Cash paid for dividends
Cash paid to retire bonds payable
Cash paid to retire bonds payable
Net cash flows used for financing activities Net cash flows used for financing activities
Net increase in cash
$Net increase in cash
Cash balance, January Year Cash balance, January Year
Cash balance, December Year $Cash balance, December Year
Posted Date: