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2 years ago

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

Business

1 answer:

aivan3 [116]2 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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