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Eduardo

Corporation Inc. accountants have assembled the following data for the year ended June 30,

2020:

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Eduardo

Corporation's statement of cash flows for the year ended June 30,

2020.

Eduardo

uses the indirect method for operating activities. You may stop after determining the net increase (or decrease) in cash.

Begin by completing the cash flows from operating activities, and then complete the cash flows from investing activities and the cash flows from financing activities. (Use parentheses or a minus sign for numbers to be subtracted or a net decrease in cash.)

	Eduardo Corporation Inc.
	Statement of Cash Flows
	For the Year Ended June 30, 2020
	Cash flows from operating activities:
	Net income
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation
	Increase in current assets other than cash
	Decrease in current liabilities
	Subtotal
	Net cash provided by operating activities
	Cash flows from investing activities:
	Purchase of equipment
	Proceeds from sale of land
	Net cash by investing activities
	Cash flows from financing activities:
	Proceeds from issuance of common shares
	Payment of note payable
	Payment of dividends
	Repurchase of common shares
	Net cash used for financing activities
	Net increase in cash

Payment of dividends. . . . . . . . . . . . . . . . . . . . . . . . . .	$5,600
Proceeds from issuance of common shares. . . . . . .	25,000
Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	230,000
Increase in operating current assets other than cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36,000
Repurchase of common shares. . . . . . . . . . . . . . . . . .	4,000
Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . .	118,000
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . .	30,000
Purchase of equipment. . . . . . . . . . . . . . . . . . . . . . . . .	42,000
Decrease in operating current liabilities. . . . . . . . . . .	10,000
Payment of note payable. . . . . . . . . . . . . . . . . . . . . . . .	26,000
Proceeds from sale of land. . . . . . . . . . . . . . . . . . . . . .	66,000
Depreciation expense. . . . . . . . . . . . . . . . . . . . . . . . . .	7,000

Answer & Explanation Solved by verified expert

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