The Murdock Corporation reported the following balance sheet data for 2024 and 2023:CashAvailable-for-sale debt securities (not cash equivalents)Accounts receivableInventoryPrepaid insuranceLand, buildings, and equipmentAccumulated depreciationTotal assetsAccounts payableSalaries payableNotes payable (current)Bonds payableCommon stockRetained earningsTotal liabilities and shareholders' equity2024$ 87,36520,00089,0002023$ 28,35594,00076,350174,000153,1002,3102,9001,268,000(619,000)$ 1,021,6751,134,000(581,000)$ 907,705$ 84,440$ 157,67023,60029,00033,10084,000209,000300,000300,000371,535337,035$1,021,675$ 907,705Additional information for 2024:1. Sold available-for-sale debt securities costing $74,000 for $79,400.2. Equipment costing $20,000 with a book value of $5,900 was sold for $7,350.3. Issued 6% bonds payable at face value, $209,000.4. Purchased new equipment for $154,000 cash.5. Paid cash dividends of $24,500.6. Net income was $59,000.Required:Prepare a statement of cash flows for 2024 in good form using the indirect method for cash flows from operating activities.

Step 1:Calculations:Prepare a statement of cash flows for 2024 in good form using the indirect…

Answered: The Murdock Corporation reported the…

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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Based on the financial statements below, what is the current ratio and quick ratio?
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.
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