"Proceeds from sale of fixed assets is $13,550" Please complete a cash flow using the...
80.2K
Verified Solution
Link Copied!
Question
Accounting
"Proceeds from sale of fixed assets is $13,550"
Please complete a cash flow using the direct method with the information provided above.
Decembcr 31, 2016 and 2017 ASSETS Current Assets Allowance for doubtful accounts Total current assets Property, pland and equipment Less accumulated depreciation Property, plant, and equipment, net 71,608 01,297 TOTAL ASSETS Income taxes payable Current portion of long term debt Total current liabilitics Long term debt, net of current TOTAL LIABILITIES STOCKHOLDERS EQUITY Additional paid in capital Retained carnings TOTAL STOCKHOLDERS EQUITY TOTAL LIABILITIES AND STOCKHOLD167,770167,176 ncome Statement For the Year Ended December 31 2018 Sales Cost of goods sold ross margin 2,017 89,205 53,349 35,856 EXPENSES Bad debts Depreciation Other OTAL EXPENSES OPERATING INCOME NTEREST INCOME NTEREST EXPENSE CAPITAL GAIN (LOSS) ON DISPOSAL OF PP&E NET INCOME BEFORE TAXES 470 10,777 13,619 24,866 10,990 3,660 32) 165 14,083 2,869 11,214 Income tax expense NET INCOME
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
