Description of this paper

Review the attached financial data for Natual Home...

Description

Solution


Question

Review the attached financial data for Natual Homes Company. Additional information: 1. Held-to-maturity securities carried at a cost of $25,000 on December 31, 2006, were sold in 2007 for $30,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings. 2. Fully depreciated plant assets that cost $57,000 were sold during 2007 for $2,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $40,000. 4. Dividends paid amounted to $20,000. 5. Depreciation charged for the year was $43,000. Instructions Prepare a statement of cash flows for the year 2007 using the indirect method.

 

Paper#5822 | Written in 18-Jul-2015

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