STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 - Net Income for the year ended December 31, 2018 was $49,000 Depreciation expense for 2018 was $12,000 During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated Hepreciation $0) were sold for $80,000 Plant assets were acquired for $12,000 cash Issued long-term notes payable for $10,000 Purchased treasury stock for 1,000 Paid dividends of $5,000
STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 - Net Income for the year ended December 31, 2018 was $49,000 Depreciation expense for 2018 was $12,000 During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated Hepreciation $0) were sold for $80,000 Plant assets were acquired for $12,000 cash Issued long-term notes payable for $10,000 Purchased treasury stock for 1,000 Paid dividends of $5,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 55PSA
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