Question

In: Accounting

BrooklynBrooklyn Corporation has the following activities for the past​ year: LOADING... ​(Click the icon to view...

BrooklynBrooklyn

Corporation has the following activities for the past​ year:

LOADING...

​(Click the icon to view the​ data.)

Requirement

Prepare the operating activities section of

BrooklynBrooklyn

​Corporation's statement of cash flows for the year ended December​ 31, using the indirect method for operating cash flows. ​(Use parentheses or a minus sign for numbers to be​ subtracted.)

Brooklyn Corporation

Statement of Cash Flows—Operating Activities Section (Indirect Method)

For the Year Ended December 31

Operating Activities:

Adjustments to reconcile net income to cash basis

DATA TABLE

Net income. . . . . . . . . . . . . . . . . .

$ ?

Cost of goods sold. . . . . . . . . . . .

$50,000

Payment of dividends. . . . . . . . . . .

$2,000

Other operating expenses. . . . . . .

$12,000

Proceeds from issuance of stock. .

$75,000

Depreciation expense. . . . . . . . . .

$21,000

Purchase of treasury stock. . . . . .

$14,000

Purchase of equipment with cash. .

$28,000

Sales revenue. . . . . . . . . . . . . . . .

$125,000

Proceeds from sale of land. . . . . . .

$21,000

Payment of long-term note payable.

$16,000

Increase in current assets

Decrease in current liabilities. . . . .

$6,000

other than cash. . . . . . . . . . . .

$8,000

Net cash provided by (used for) operating activities

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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