The following is a list of the items for the 2007 statement of cash flows of the Lombardo Company: 1. Depreciation expense, $4,200 2. Proceeds from sale of land, $5,600 3. Payment of dividends, $5,000 4. Net income, $7,900 5. Conversion of bonds to common stock, $7,000 6. Increase in accounts payable, $3,100 7. Proceeds from issuance of note, $6,200
Chapter 22, Exercises #3
The following is a list of the items for the 2007 statement of cash flows of the Lombardo Company:
1. Depreciation expense, $4,200
2. Proceeds from sale of land, $5,600
3. Payment of dividends, $5,000
4. Net income, $7,900
5. Conversion of bonds to common stock, $7,000
6. Increase in accounts payable, $3,100
7. Proceeds from issuance of note, $6,200
8. Gain on sale of land, $1,800
9. Payment for purchase of building, $13,000
10. Increase in accounts receivable, $2,700
11. Ending cash balance, $13,900
Required
Prepare the statement of cash flows.
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Answer
LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2007 Net Cash Flow From Operat…View the full answer
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Intermediate Accounting
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
ISBN: 978-0324300987