the following is accounting information taken from the verna com 250472

The following is accounting information taken from the Verna Company’s records for 2007:

1. Decrease in accounts payable, $4,600

2. Loss on sale of land, $1,900

3. Increase in inventory, $7,800

4. Increase in income taxes payable, $2,700

5. Net income, $68,400

6. Patent amortization expense, $1,600

7. Extraordinary loss (net), $6,200

8. Decrease in deferred taxes payable, $2,500

9. Amortization of discount on bonds payable, $1,300

10. Payment of cash dividends, $24,000

11. Depletion expense, $5,000

12. Decrease in salaries payable, $1,400

13. Decrease in accounts receivable, $3,500

14. Gain on sale of equipment, $6,100

15. Proceeds from issuance of stock, $57,000

16. Extraordinary gain (net), $3,700

17. Depreciation expense, $10,000

18. Amortization of discount on investment in bonds, $1,500


Prepare the net cash flow from operating activities section of the 2007 statement of cash flows for the Verna Company.

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more

Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?