Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. statement of cash flows (indirect method). the fol

Statement of cash flows (indirect method). The following information is taken from French Corporation's financial...

80.2K

Verified Solution

Question

Accounting

image
image
Statement of cash flows (indirect method). The following information is taken from French Corporation's financial statements: December 31 2021 2020 Cash $ 63,000 $ 27,000 102,000 80,000 Accounts receivable (4,500) (3,100) Allowance for doubtful accounts 160,000 175,000 Inventory 7.500 I 6.800 Prepaid expenses 100,000 60,000 Land Buildings 294,000 244,000 Accumulated depreciation (32,000) (13,000) Patents 20.000 35,000 $710,000 $611.700 Accounts payable $ 90,000 $ 84,000 Accrued liabilities 54,000 63,000 Bonds payable 125,000 60,000 Common stock 100,000 100.000 Retained earnings-appropriated 80.000 10.000 Retained earnings-unappropriated 276,000 302,700 _(15.000 _(8.000) Treasury stock, at cost $710.000 $611.700 For 2021 Year $78,300 Net income 19,000 Depreciation expense 5,000 Amortization of patents 35,000 Cash dividends declared and paid none Gain or loss on sale of patents W Instructions Prepare a statement of cash flows for French Corporation for the year 2021. (Use the indirect method)

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!
Become a Member

Other questions asked by students

Q

Bile is stored in the: Liver Gall bladder Stomach Pancreas Pepsinogen is converted to pepsin in the presence of: Bicarbonate ion Hydrochloric...

Medical Sciences
Q

Read the ACA and NAADAC Codes of Ethics and compare the positions that each takes on...

Psychology
Q

2 3 ct Answer 1 Answer 4 E incorrect 21 21 21 10 to Bookmark...

Physics
Q

A wave travelling in the ve x direction having displacement along y direction as 1...

Physics
Q

In 2021 an everything bagel from the Einstein Bros in Centennial Hall cost 0 89...

Geometry
Q

Question 3 Bramble Corp, has 81,000 shares of common stock outstanding,It declares a $ 2...

Accounting
Q

Rainier Company borrowed $650,000 for six months. The annual interest rate on the loan was...

Accounting
Q

below: \table[[,Tons of King,Percent Completed],[Work-in-process inventory - June 1,Salmon,Materials,Conversion],[Work-in-process inventory - June 30,2,400,96,77],[Started processing...

Accounting
Q

Estimating Bad Debts Expense and Reporting of Receivables At December 31,2013, Sunil Company had...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Tracy...

Accounting
Q

Suppose you manage a cloud computing service which provides GPU computing resources and charge a...

Accounting
Q

A Department manager is ready to invest money into an investment project that pays back...

Finance