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STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 - Net Income for the year ended December 31, 2018 was $49,000 Depreciation expense for 2018 was $12,000 During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated Hepreciation $0) were sold for $80,000 Plant assets were acquired for $12,000 cash Issued long-term notes payable for $10,000 Purchased treasury stock for 1,000 Paid dividends of $5,000

STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 - Net Income for the year ended December 31, 2018 was $49,000 Depreciation expense for 2018 was $12,000 During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated Hepreciation $0) were sold for $80,000 Plant assets were acquired for $12,000 cash Issued long-term notes payable for $10,000 Purchased treasury stock for 1,000 Paid dividends of $5,000

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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STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 Net Income for the year ended December 31, 2018 was $49,000 - Depreciation expense for 2018 was $12,000 - During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated epreciation $0) were sold for $80,000 - Plant assets were acquired for $12,000 cash - Issued long-term notes payable for $10,000 - Purchased treasury stock for 1,000 - Paid dividends of $5,000 - Issued common stock for $10,000 - Repaid long-term notes payable for $15,000 -Decrease of accounts receivable, $55,000 -Decrease of account payable, $10,000 -
Transcribed Image Text:STATEMENT OF CASH FLOW 1. To prepare the statement of cash flow for 2018 for Monsoon Company Cash balance January 1 2018, $12,000 Net Income for the year ended December 31, 2018 was $49,000 - Depreciation expense for 2018 was $12,000 - During 2018, plant assets with a book value of $50,000 (cost $50,000 and accumulated epreciation $0) were sold for $80,000 - Plant assets were acquired for $12,000 cash - Issued long-term notes payable for $10,000 - Purchased treasury stock for 1,000 - Paid dividends of $5,000 - Issued common stock for $10,000 - Repaid long-term notes payable for $15,000 -Decrease of accounts receivable, $55,000 -Decrease of account payable, $10,000 -
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