Do not give answer in image View PoliciesCurrent Attempt In ProgressThe comparative balance sheets for Skysong Corporation show the following InformationCashAccounts receivableInventoryAvaliable-for-sale debinvestmentsBuildingsEquipmentPatentaAllowance for doubtful accountsAccumulated depreciation-equipmentAccumulated depreciation-buildingAccounts payableDividenda payableNotes payable, short-term (nontrade)Long-term notas payableCommon stockRetainedcmings1.2.3.Additional data related to 2020 are followiaS.7.8.December 312020$33,70012,10012,00045,0005,000$107,800$3,1002,0005,0002,90031,00043,00020,800$107,8002019$13,2009,9009,1003,00029,90019,8006,100$90,600$4,5004,5006,1003,0004,9004,00025,00033,0005,600$90,600Equipment that had cost $11,100 and was 40% deprecated at time of disposal was sold for $2,500.$10,000 of the long-term note payable was paid by issuing common stockCash dividenda peld were $4,900.On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,200 (netof $2,100 LDebt Investments (avallable-for-sale) were sold at $1,800 above their cost. The company has made similar sales andInvestments in the past.Cash was paid for the acqulation of equipmentAlong-term note for $16,000 was lasued for the acquisition of equipmentInterest of $2,000 and Income taxes of $6,400 were paid in cash.Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with eithera-signeg-15.000 or inparenthesse.(15,0001)

The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

View Pollicies Current Attemptin Progress The comparative balants for Sojpong Corporation show the following Information. Avaliable-for-sale dabeinvasemonies Bulidings Equipment lowience for do Accumulated dupredletion-building Clidanda payable Natas payable short-term (noneradise) Additional dear 2000 follows. 1 ఉ December 31 7. 2000 GE 700 12100 12,000 45,000 5,000 STOT,BOD $2,100 2000 S,000 2,900 31,000 43,000 20,800 $107,BOO 200 9,900 9,000 3,000 29,500 19,800 6,100 $4,500 4,500 6.100 3,000 25.000 1 Eguligmaine that had c11,100 degredime of deld for 52,500. 2 $10,000 of eine long hdbylong common audio Cashiends paidware A,ROID. On January 1,2020, ehe building vil.combay Sood.aurance proweds on the bulldina were 530,200 (neath 2000 5,600 SROL GOD Debt Invasimanids javallable-for-sale were sold at 1,800 vali: The company has maddimordies and Cashwas paid for the aution of an Along-term nota for 16,000fithe aaguisition of apulomons. Interest of $2,000 and Income taxes of $6,400 were paid in cash Preparatament of cash flow waling the Indirect method (Show amounts that decrease cash flow with either a-sign-15,000ori parenthesis (15,000(1)

View Pollicies Current Attemptin Progress The comparative balants for Sojpong Corporation show the following Information. Avaliable-for-sale dabeinvasemonies Bulidings Equipment lowience for do Accumulated dupredletion-building Clidanda payable Natas payable short-term (noneradise) Additional dear 2000 follows. 1 ఉ December 31 7. 2000 GE 700 12100 12,000 45,000 5,000 STOT,BOD $2,100 2000 S,000 2,900 31,000 43,000 20,800 $107,BOO 200 9,900 9,000 3,000 29,500 19,800 6,100 $4,500 4,500 6.100 3,000 25.000 1 Eguligmaine that had c11,100 degredime of deld for 52,500. 2 $10,000 of eine long hdbylong common audio Cashiends paidware A,ROID. On January 1,2020, ehe building vil.combay Sood.aurance proweds on the bulldina were 530,200 (neath 2000 5,600 SROL GOD Debt Invasimanids javallable-for-sale were sold at 1,800 vali: The company has maddimordies and Cashwas paid for the aution of an Along-term nota for 16,000fithe aaguisition of apulomons. Interest of $2,000 and Income taxes of $6,400 were paid in cash Preparatament of cash flow waling the Indirect method (Show amounts that decrease cash flow with either a-sign-15,000ori parenthesis (15,000(1)

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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