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son Company's comparative balance sheet as of December 20-2 20-1 ng ment $130,000 $0 90,000 payable 30,000 20,000

son Company's comparative balance sheet as of December 20-2 20-1 ng ment $130,000 $0 90,000 payable 30,000 20,000

FINANCIAL ACCOUNTING
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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Rogerson Company's comparative balance sheet as of December 31, 20-2 and 20-1, showed the following with regard to investing and financing activities: 20-2 20-1 Building $130,000 $0 Equipment 90,000 Notes payable 30,000 20,000 Common stock at par 300,000 250,000 Paid-in capital in excess of par 80,000 50,000 Retained earnings 260,000 200,000 Net income for 20-2 was $90,000, and cash dividends of $30,000 were declared and paid. Rogerson did not sell any buildings or equipment and did not retire any debt. Required: Determine the amount of cash received and paid for financing and investing activities and the cash flows as they would appear on Rogerson's statement of cash flows for the year ended December 31, 20-2. Rogerson Company Statement of Cash Flows (Partial) For the Year Ended December 31, 20-2 Cash flows from investing activities: Purchased building v $4 Purchased equipment v Total cash used by investing activities Cash flows from financing activities: Issued notes payable v 10,000 Issued common stock v 80,000 Paid cash dividends v Net cash provided by financing activities
Transcribed Image Text:Rogerson Company's comparative balance sheet as of December 31, 20-2 and 20-1, showed the following with regard to investing and financing activities: 20-2 20-1 Building $130,000 $0 Equipment 90,000 Notes payable 30,000 20,000 Common stock at par 300,000 250,000 Paid-in capital in excess of par 80,000 50,000 Retained earnings 260,000 200,000 Net income for 20-2 was $90,000, and cash dividends of $30,000 were declared and paid. Rogerson did not sell any buildings or equipment and did not retire any debt. Required: Determine the amount of cash received and paid for financing and investing activities and the cash flows as they would appear on Rogerson's statement of cash flows for the year ended December 31, 20-2. Rogerson Company Statement of Cash Flows (Partial) For the Year Ended December 31, 20-2 Cash flows from investing activities: Purchased building v $4 Purchased equipment v Total cash used by investing activities Cash flows from financing activities: Issued notes payable v 10,000 Issued common stock v 80,000 Paid cash dividends v Net cash provided by financing activities
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