50.1K

Verified Solution

Link Copied!

20) Longfellow Co low Corporation's comparative balance sheet appears below Computative Balance Sheet Ending Balance Beginning Balance $ $ 40,000 19,000 67.000 126,000 358,000 156,000 202,000 $ 328,000 33,000 21.000 69,000 123,000 339,000 132,000 207.000 $ 330,000 Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings $ $ 18,000 54,000 48,000 120,000 82,000 202,000 19.000 59,000 42,000 120,000 86,000 206,000 23,000 103,000 126,000 $ 328,000 22,000 102,000 124,000 $ 330,000 Total stockholders' equity Total liabilities and stockholders' equity The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $5,000 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. REQUIRED: For the Statement of Cash Flows, calculate the Net cash provided by operating activities." (Hint: Use the three-step process on pp. 619-622 in the text to work this.) Show all your computations and formulas

Answer & Explanation Solved by verified expert

See Answer