The following balance sheet information also is available: Cash Accounts receivable Acerued liabilities (for operating expenses) Income taxes payable 12/31/2021 12/31/2020 $92,000 $431,000 144,000 112,000 94,000 22,000 72,000 39,000 In addition, the following transactions took place during the year: 1. Common stock was issued for $124,000 in cash. 2. Long-term investments were sold for $62,000 in cash. The original cost of the investments also was $62,000. 3. $92,000 in cash dividends was paid to shareholders. 4. The company has no outstanding debt, other than those payables listed above. 5. Operating expenses include $42.000 in depreciation expense. Required: 1. Prepare a statement of cash flows for 2021 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities. 2. Prepare the cash flows from operating activities section of Diversified's 2021 statement of cash flows using the indirect method.

The following balance sheet information also is available: Cash Accounts receivable Acerued liabilities (for operating expenses) Income taxes payable 12/31/2021 12/31/2020 $92,000 $431,000 144,000 112,000 94,000 22,000 72,000 39,000 In addition, the following transactions took place during the year: 1. Common stock was issued for $124,000 in cash. 2. Long-term investments were sold for $62,000 in cash. The original cost of the investments also was $62,000. 3. $92,000 in cash dividends was paid to shareholders. 4. The company has no outstanding debt, other than those payables listed above. 5. Operating expenses include $42.000 in depreciation expense. Required: 1. Prepare a statement of cash flows for 2021 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities. 2. Prepare the cash flows from operating activities section of Diversified's 2021 statement of cash flows using the indirect method.

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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