Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the comparative statements of financial position o

The comparative statements of financial position of Mikos Inc. as at December 31, 2020 and...

50.1K

Verified Solution

Question

Accounting

image
image
The comparative statements of financial position of Mikos Inc. as at December 31, 2020 and 2021 and its statement of earnings for the year ended December 31,2021 are presented below: Additional information is as follows: a. Land wos sold for cash at its carrying amount. b. The shortterm investments will mature in February 2022 c. Cosh dividends were deciared and poid in 2021 . d. New equipment with a cost of $166.500 was purchased for cash, and old equipment was soid at its cartying omounci e. Longterm notes of $12.500 were paid in cosh, and notes of $32.500 were converted to shares. Additional information is as follows: a. Land was sold for cash at its carying amount. b. The short-term investments will mature in February 2022 c. Cash dividends were declared and paid in 2021. d. New equipment with a cost of $166.500 was purchased for cash, and oid equipment was sold at its carrying amount. e. Long-term notes of $12,500 were paid in cash, and notes of $32,500 were converted to shares. Required: 1. Prepare a statement of cash flows for Mikos inc. for the year ended December 31,2021 by using the indirect method. (Negative answers should be indleated by a minus slgn.)

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