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Q1) Use following information to create a cash flow statement for Oju Company for 20B by using indirect method. Make sure to create a schedule for any noncash items for disclosure, if suitable.

a) Net income $10,000 (amortization expense, 5,000; inventory decrease, $1,000; no changes in account receivable or account payable)

b) Issued shares for $4,000 of equipment.

c) Sold equipment for $8,000, book value $8,000

d) Paid cash dividend, $3,000 (declared in prior year).

e) Paid long-term dept principal, $8,000 and short-term dept principal, $2,000.

f) Purchased equipment for $12,000 in exchange for note payable all of that was due to be paid at the end of two years.

g) Cash balance on Jan. 1, 20B was $10,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921357

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