Additional information: Sandhill has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. 1. 2 3. Cash dividends declared during the year were $10,460. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized. FV-NI investments that cost $20,400 and had a fair value at December 31, 2022, of $25,300 were sold during the year for $23,200. (changes in these trading securities are shown net on the SCF) Machinery that cost $3,790 and had $750 of depreciation accumulated was sold for $2,190. Sandhill's 2023 statement of income is as follows: Sales revenue Cost of goods sold Gross margin Operating expenses (includes $8,625 depreciation and $5,400 loss on impairment) Income from operations Investment Loss Interest expense Loss on disposal of machinery Income before tax Income tax expense Net income $(2,100) (3,000) (850) $636,000 382,000 254,000 180,200 73,800 (5,950) 67,850 37,000 $30,850 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Additional information: Sandhill has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. 1. 2 3. Cash dividends declared during the year were $10,460. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized. FV-NI investments that cost $20,400 and had a fair value at December 31, 2022, of $25,300 were sold during the year for $23,200. (changes in these trading securities are shown net on the SCF) Machinery that cost $3,790 and had $750 of depreciation accumulated was sold for $2,190. Sandhill's 2023 statement of income is as follows: Sales revenue Cost of goods sold Gross margin Operating expenses (includes $8,625 depreciation and $5,400 loss on impairment) Income from operations Investment Loss Interest expense Loss on disposal of machinery Income before tax Income tax expense Net income $(2,100) (3,000) (850) $636,000 382,000 254,000 180,200 73,800 (5,950) 67,850 37,000 $30,850 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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