Sales revenue Less: Net income 1 Additional information: 2 Cullumber Company Income Statement For the Year Ended December 31, 2022 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 3. 4. 5, 6. $13,000 11,000 31,000 26,000 4,000 7,500 $391,000 213,500 $177,500 New plant assets costing $79,000 were purchased for cash during the year. Old plant assets having an original cost of $46,000 and accumulated depreciation of $36,000 were sold for $2,500 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $36,500 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Sales revenue Less: Net income 1 Additional information: 2 Cullumber Company Income Statement For the Year Ended December 31, 2022 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 3. 4. 5, 6. $13,000 11,000 31,000 26,000 4,000 7,500 $391,000 213,500 $177,500 New plant assets costing $79,000 were purchased for cash during the year. Old plant assets having an original cost of $46,000 and accumulated depreciation of $36,000 were sold for $2,500 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $36,500 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a 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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