Additional information for 2023: 1. Net income was $60,000. This amount includes depreciation expense for $20,000. 2. Paid off a $50,000 bond which matured. 3. Land with a book value of $100,000 was sold for $130,000. 4. A $40,000 payment was made for new equipment. 5. Old machinery was sold for $5,000. Required: Prepare a statement of cash flows, in proper format, for the year ended December 31, 2023.
Additional information for 2023: 1. Net income was $60,000. This amount includes depreciation expense for $20,000. 2. Paid off a $50,000 bond which matured. 3. Land with a book value of $100,000 was sold for $130,000. 4. A $40,000 payment was made for new equipment. 5. Old machinery was sold for $5,000. Required: Prepare a statement of cash flows, in proper format, for the year ended December 31, 2023.
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 41E: Determining Cash Flows from Investing Activities Burns Companys 2019 and 2018 balance sheets...
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