Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of $120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a negative amount). Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of $89,000. Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31, 2020. Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when subtracting numbers and for cash outflows.)
Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of $120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a negative amount). Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of $89,000. Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31, 2020. Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when subtracting numbers and for cash outflows.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![←
Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of
$120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a
negative amount).
Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on
a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of
$89,000.
Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31,
2020.
Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when
subtracting numbers and for cash outflows.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8918f409-02e8-4595-b82d-29e741c269a9%2F0a0bb2a5-2133-4d32-a952-a28c50284ab1%2F8qgftzp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:←
Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of
$120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a
negative amount).
Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on
a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of
$89,000.
Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31,
2020.
Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when
subtracting numbers and for cash outflows.)
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