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Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1: Amortization of bond discount Dividends declared Dividend paid $ 1,000 22,500 19,000

Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1: Amortization of bond discount Dividends declared Dividend paid $ 1,000 22,500 19,000

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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Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1: Amortization of bond discount Dividends declared Dividends paid Gain on sale of equipment Proceeds from the sale of equipment Proceeds from the sale of treasury stock (carrying amount $32,500) Purchase of BAS Inc. bonds (par value $100,000) $ 1,000 22,500 19,000 3,000 5,000 37,500 90,000 Required: Determine the following amounts that should be reported in Superfine's 20X1 statement of cash flows. 1. What amount should Superfine report as net cash used in investing activities? 2. What amount should Superfine report as net cash provided by financing activities? (For all requirements, cash outflows should be entered with a minus sign.) 1. Net cash used in investing activities 2. Net cash provided by financing activities
Transcribed Image Text:Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1: Amortization of bond discount Dividends declared Dividends paid Gain on sale of equipment Proceeds from the sale of equipment Proceeds from the sale of treasury stock (carrying amount $32,500) Purchase of BAS Inc. bonds (par value $100,000) $ 1,000 22,500 19,000 3,000 5,000 37,500 90,000 Required: Determine the following amounts that should be reported in Superfine's 20X1 statement of cash flows. 1. What amount should Superfine report as net cash used in investing activities? 2. What amount should Superfine report as net cash provided by financing activities? (For all requirements, cash outflows should be entered with a minus sign.) 1. Net cash used in investing activities 2. Net cash provided by financing activities
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