Use the following selected data and additional information from the records of XYZ Corp. to answer...

  

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Use the following selected data and additional information from the records of XYZ Corp. to answer the questions that follow Balance Sheet Data Accounts receivable Inventories Accounts payable Salaries payable Equipment Accumulated depreciation Bonds payable Common stock Retained earnings Income Statement Data Net sales Cost of goods sold Operating expenses (excluding depreciation expense) 2019 $36,000 28,000 31,000 2,000 60,000 12,000 50,000 150,000 38,000 Net income Gain on sale of equipment (included in net income above) Additional information: 2018 $ 42,000 25,000 35,000 1,000 40,000 16,000 100,000 100,000 20,000 A. What amount was paid to acquire equipment during 2019? 2019 $420,000 300,000 84,000 30,000 2,000 Equipment with a cost of $15,000 and a book value of $3,000 was sold for (1) $5,000 during 2019. (2) (3) Common stock was issued during 2019. The only items affecting retained earnings in 2019 were net income and dividends declared and paid. 4) Bonds were retired during 2019. B. What amount was recorded as depreciation expense during 2019? C. What amount was declared and paid for dividends during 2019? D. Prepare the Investing Activities section of a statement of cash flows for 2019 E. Prepare the Financing Activities section of a statement of cash flows for 2019 F. Prepare the Operating Activities section of a statement of cash flows for 2019 using the indirect method. Use the following selected data and additional information from the records of XYZ Corp. to answer the questions that follow Balance Sheet Data Accounts receivable Inventories Accounts payable Salaries payable Equipment Accumulated depreciation Bonds payable Common stock Retained earnings Income Statement Data Net sales Cost of goods sold Operating expenses (excluding depreciation expense) 2019 $36,000 28,000 31,000 2,000 60,000 12,000 50,000 150,000 38,000 Net income Gain on sale of equipment (included in net income above) Additional information: 2018 $ 42,000 25,000 35,000 1,000 40,000 16,000 100,000 100,000 20,000 A. What amount was paid to acquire equipment during 2019? 2019 $420,000 300,000 84,000 30,000 2,000 Equipment with a cost of $15,000 and a book value of $3,000 was sold for (1) $5,000 during 2019. (2) (3) Common stock was issued during 2019. The only items affecting retained earnings in 2019 were net income and dividends declared and paid. 4) Bonds were retired during 2019. B. What amount was recorded as depreciation expense during 2019? C. What amount was declared and paid for dividends during 2019? D. Prepare the Investing Activities section of a statement of cash flows for 2019 E. Prepare the Financing Activities section of a statement of cash flows for 2019 F. Prepare the Operating Activities section of a statement of cash flows for 2019 using the indirect method.

Answer rating: 100% (QA)

Eastern Corp Statement of Cashflow For the year ending 31122018 Cash flows from operating ... View the full answer