Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the statement of cash flows for the year ended dec

The statement of cash flows for the year ended December 31, 2018, for Bronco Metals...

60.1K

Verified Solution

Question

Accounting

image
The statement of cash flows for the year ended December 31, 2018, for Bronco Metals is presented below. Statement of Cash Flows the Year Ended Cash flows from operating activities: Collections from customers Interest on note receivable Dividends received from investments Purchase of inventory Payment of operating expenses Payment of interest on note payable 383,088 4,600 3,880 (192,000) (65,000) (8,600) Net cash flows from operating activities Cash flows from investing activities: s 125,080 Collection of note receivable Purchase of equipment 130,000 (214,000) Net cash flows from investing activities Cash flows from financing activities: (84,000) Proceeds from issuance of common stock Dividends paid 260,000 214,000 . 255,000 Net cash flows from financing activities Net increase in cesh Cash and cash equivalents, Januery 1 Cash and cash equivalents, December 31 5 283,00e Required: Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to Intemational Financial Reporting Standards. Where IFRS allows fiexibility, use the classification used most often in IFRS financial statements (Amounts deducted should be indiceted with a minus sign.) BRONCO METALS of Cash F

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