Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of $120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a negative amount). Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of $89,000. Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31, 2020. Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when subtracting numbers and for cash outflows.)

Computer Experts, Inc., ended 2019 with cash of $30,000. During 2020, Computer Experts earned net income of $120,000 and had adjustments to reconcile net income to net cash provided by operations totalling $22,000 (this is a negative amount). Computer Experts purchased equipment for $352,000 during 2020 and had to borrow half of this amount on a long-term note. During the year, the company paid dividends of $11,000 and sold old equipment, receiving cash of $89,000. Prepare Computer Experts's statement of cash flows with its appropriate heading for the year ended December 31, 2020. Prepare the statement of cash flows for Computer Experts Inc. (Use a minus sign or parentheses when subtracting numbers and for cash outflows.)

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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