Range Company has the following selected data from its annual period ended December 31, Selected Data...
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Range Company has the following selected data from its annual period ended December 31, Selected Data Paid cash dividend Purchase of equipment for cash Increase in merchandise inventory Borrowed cash on a long-term note Acquired land as a future company site; paid in full by issuing 6,000 shares of Range capital stock $10 par, when the market price per share was $15 Increase in prepaid expenses Decrease in accounts receivable Payment of bonds payable in full Increase in accounts payable Cash from disposal of equipment (sold at book value) Decrease in rent receivable Income Statement For the Year Ended December 31 Sales revenue Rent revenue Cost of goods sold Depreciation expense Remaining expenses Net Income $800,000 20,000 380,000 40,000 194,000 $206,000 Amount $20,000 120,000 28,000 50,000 2 6,000 14,000 194,000 10,000 24,000 4,000 Net income $206,000 Prepare a statement of cash flows for the year ended December 31, using the indirect method to report cash flows from operating activities. The beginning-year cash balance was $124,000. Note: Use a negative sign for subtractions in the statement of cash flows. Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net income Adjustment Cash paid for dividends Cash paid for acquisition of equipment Cash received from long term debt issuanc Cash received from sale of equipment Cash flows from investing activities V.S V V V 206.000 20,000 120,000 50,000 24,000 O Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net income Adjustments: Cash paid for dividends Cash paid for acquisition of equipment Cash received from long-term debt issuance Cash received from sale of equipment Cash flows from investing activities Cash flows from financing activities Noncash disclosure: << < << < << < << V V V $ 206,000 20,000 x 120,000 * 50,000 * 24,000 x xxx xXxx xxxxx X x x Range Company has the following selected data from its annual period ended December 31, Selected Data Paid cash dividend Purchase of equipment for cash Increase in merchandise inventory Borrowed cash on a long-term note Acquired land as a future company site; paid in full by issuing 6,000 shares of Range capital stock $10 par, when the market price per share was $15 Increase in prepaid expenses Decrease in accounts receivable Payment of bonds payable in full Increase in accounts payable Cash from disposal of equipment (sold at book value) Decrease in rent receivable Income Statement For the Year Ended December 31 Sales revenue Rent revenue Cost of goods sold Depreciation expense Remaining expenses Net Income $800,000 20,000 380,000 40,000 194,000 $206,000 Amount $20,000 120,000 28,000 50,000 2 6,000 14,000 194,000 10,000 24,000 4,000 Net income $206,000 Prepare a statement of cash flows for the year ended December 31, using the indirect method to report cash flows from operating activities. The beginning-year cash balance was $124,000. Note: Use a negative sign for subtractions in the statement of cash flows. Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net income Adjustment Cash paid for dividends Cash paid for acquisition of equipment Cash received from long term debt issuanc Cash received from sale of equipment Cash flows from investing activities V.S V V V 206.000 20,000 120,000 50,000 24,000 O Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net income Adjustments: Cash paid for dividends Cash paid for acquisition of equipment Cash received from long-term debt issuance Cash received from sale of equipment Cash flows from investing activities Cash flows from financing activities Noncash disclosure: << < << < << < << V V V $ 206,000 20,000 x 120,000 * 50,000 * 24,000 x xxx xXxx xxxxx X x x
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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