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serg [7]
3 years ago
12

The following information is available for Ivanhoe Company for the year ended December 31, 2022.

Business
1 answer:
aivan3 [116]3 years ago
7 0

Answer and Explanation:

The preparation of the cash flow statement is presented below:

Cash Flows From Operating Activities  

Net Income $497,175

Adjustments made:

Less: Increase in Accounts Receivable -$14,350  

Less: Increase in Inventory -$19,250  

Less: Decrease in accounts payable -$6,475  

Add: Increase in Income tax payable $8,225  

Add: Depreciation Expense $283,500  

Net Cash Provided by Operating Activities (A) 748,825

Cash Flows From Investing Activities  

Cash received for sale of land at book value $61,250  

Less: Cash used to purchase a building -$505,750  

Net Cash Provided by Investing Activities (B) -$444,500

Cash Flows From Financing Activities  

Cash received from issuing bonds $350,000  

Less: Cash used to purchase Treasury stock -$45,500  

Less: Cash Dividends Paid -$21,000  

Net Cash Used by Financing Activities (C) $283,500

Net Increase in Cash (A+B+C) $587,825

Add: Beginning cash balance 78,750

Ending cash balance $666,575

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3 years ago
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4 years ago
Alvin's Transport has total credit sales for the year of $182,000 and estimates that 3% of its credit sales will be uncollectibl
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Answer:

S/n      Account Title and Explanation      Debit     Credit

a.         Bad Debt Expense                         $5,460

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                   Allowance for Doubtful Accounts       $5,460

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b.        Bad Debt Expense                         $5,460

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3 years ago
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