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.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 14M
Question

Transcribed Image Text: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.
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