70.2K

Verified Solution

Link Copied!

\begin{tabular}{llll} Retained earnings & 48,450 & & 45,950 \\ Total liabilities and shareholders' equity & $292,450 & & $289,900 \\ \hline \end{tabular} MONTY Inc. Income Statement Year Ended December 31, 2023 Cash Flows from Investing Activities Proceeds on Sale of Equipment Purchase of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Principal Payments on Long-Term Loan Dividend Paid Net Cash Provided by Financing Activities Net Increase in Cash and Cash Equivalents ^ Cash, January 1, 2023 Cash, December 31, 2023 Additional information: 1. Dividends on common shares in the amount of $11,800 were declared and paid during 2023 . 2. Depreciation expense of $21,950 is included in operating expenses. 3. Equipment with a cost of $20,500 that was 70% depreciated was sold during 2023 . (a) Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000).) Cash Paid for Interest Cash Paid for Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Proceeds on Sale of Equipment Purchase of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Principal Payments on Long-Term Loan Dividend Paid Net Cash Provided by Financing Activities Monty Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023

Answer & Explanation Solved by verified expert

See Answer