Homework Help is Here – Start Your Trial Now!
Business
Accounting
D. cise 12 Mollowing information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long tem loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends 40,000 15,000 27,000 25,000 25,000 24,000 14,000 Profit 30,000 Purchase of land by issuing bonds payable 40,000 ddition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,020 2021 102,000 Cash Accounts receivable (net) Prepaid insurance Total curent assets 14,000 15,000 13.000 42000 20,000 A7.000 139.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29.000 19,000 7000 26.000 tructions pare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect method. ution 12 22-27 min)

D. cise 12 Mollowing information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long tem loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends 40,000 15,000 27,000 25,000 25,000 24,000 14,000 Profit 30,000 Purchase of land by issuing bonds payable 40,000 ddition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,020 2021 102,000 Cash Accounts receivable (net) Prepaid insurance Total curent assets 14,000 15,000 13.000 42000 20,000 A7.000 139.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29.000 19,000 7000 26.000 tructions pare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect method. ution 12 22-27 min)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please answer complete

D. H. Exercise 12 The following information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long term loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends Profit 40,000 15,000 27,000 25,000 25,000 24,000 14,000 30,000 Purchase of land by issuing bonds payable 40,000 In addition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,021 102,000 20,000 17.000 139.000 2,020 Cash Accounts receivable (net) Prepaid insurance Total current assets 14,000 15,000 13.000 42.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29,000 19,000 7000 26.000 Instructions Prepare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect method. Solution 12 22-27 min.)
Transcribed Image Text:D. H. Exercise 12 The following information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long term loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends Profit 40,000 15,000 27,000 25,000 25,000 24,000 14,000 30,000 Purchase of land by issuing bonds payable 40,000 In addition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,021 102,000 20,000 17.000 139.000 2,020 Cash Accounts receivable (net) Prepaid insurance Total current assets 14,000 15,000 13.000 42.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29,000 19,000 7000 26.000 Instructions Prepare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect method. Solution 12 22-27 min.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS