Solved

Green Leaf's Activities for the Year Ended December 31,2018 Included

Question 68

Essay

Green Leaf's activities for the year ended December 31,2018 included the following:
• Comprehensive income totaled $538,000 including $88,000 in other comprehensive income.
• Paid a cash dividend of $80,000 that was declared in 2017.
• Interest expense for the year was $29,000; the opening and closing balances
in the interest payable account were $26,000 and $17,000,respectively.
• Accounts receivable increased $33,000 and accounts payable decreased $24,000 during the year.
• The company paid $56,000 cash for equipment.
• The company sold held-to-maturity investments for $26,000.The book value
of the investment was $27,000.
• Depreciation expense for the year totaled $19,000.
• Suffered an impairment loss on patents of $10,000.
• Declared and issued a 2-for-l stock split.There were 400,000 ordinary shares
outstanding before the split with a collective market value of $100,000,000.
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method assuming that the company's policy is to report interest and dividends received as an investing activity and interest and dividends paid as a financing activity.

Correct Answer:

verifed

Verified

Statement of Cash Flows (Partial)
Year E...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents