QuinJet Company's comparative balance sheets are presented below: 2019 2018 Equipment 59,950 70,140 (13,970 ) $107,820 Accumulated depreciation-equipment (10,190 ) Total $115,600 Accounts payable Bonds payable $14,660 $11,110 10,630 30,160 Common stock 50,190 45,080 Retained earnings 32,340 29,250 Total $107,820 $115,600 Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. 2. Equipment which cost $10,190 and had accumulated depreciation of $1,580 was sold for $3,450. Required: Prepare the company's statement of cash flows for 2018 and show any necessary work.
QuinJet Company's comparative balance sheets are presented below: 2019 2018 Equipment 59,950 70,140 (13,970 ) $107,820 Accumulated depreciation-equipment (10,190 ) Total $115,600 Accounts payable Bonds payable $14,660 $11,110 10,630 30,160 Common stock 50,190 45,080 Retained earnings 32,340 29,250 Total $107,820 $115,600 Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. Additional information: 1. Net income was $18,560. Dividends declared and paid were $15,470. 2. Equipment which cost $10,190 and had accumulated depreciation of $1,580 was sold for $3,450. Required: Prepare the company's statement of cash flows for 2018 and show any necessary work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![QuinJet Company's comparative balance sheets are
presented below:
2019
2018
Equipment
59,950
70,140
(13,970 )
$107,820
Accumulated depreciation-equipment
(10,190 )
Total
$115,600
Accounts payable
Bonds payable
$14,660
$11,110
10,630
30,160
Common stock
50,190
45,080
Retained earnings
32,340
29,250
Total
$107,820
$115,600
Additional information:
1. Net income was $18,560. Dividends declared and paid were $15,470.
Additional information:
1. Net income was $18,560. Dividends declared
and paid were $15,470.
2. Equipment which cost $10,190 and had
accumulated depreciation of $1,580 was sold for
$3,450.
Required: Prepare the company's statement of
cash flows for 2018 and show any necessary work.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d4ec835-aa59-4055-9892-3781a3c8e606%2F2526d73a-7070-46e3-a1ac-eb075cd49d33%2Fqengmq.png&w=3840&q=75)
Transcribed Image Text:QuinJet Company's comparative balance sheets are
presented below:
2019
2018
Equipment
59,950
70,140
(13,970 )
$107,820
Accumulated depreciation-equipment
(10,190 )
Total
$115,600
Accounts payable
Bonds payable
$14,660
$11,110
10,630
30,160
Common stock
50,190
45,080
Retained earnings
32,340
29,250
Total
$107,820
$115,600
Additional information:
1. Net income was $18,560. Dividends declared and paid were $15,470.
Additional information:
1. Net income was $18,560. Dividends declared
and paid were $15,470.
2. Equipment which cost $10,190 and had
accumulated depreciation of $1,580 was sold for
$3,450.
Required: Prepare the company's statement of
cash flows for 2018 and show any necessary work.
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