The comparative balance sheet of Graphic Design Studio Inc. at June 30, 2017, included these amounts: Transaction data for the year ended June 30, 2017, were: a. Net income, $60,300 b. Depreciation expense on equipment, $13,400 c. Purchased long-term investment, $4,900 d. Sold land for $46,900, including $6,700 loss e. Acquired equipment by issuing long-term note payable, $14,300 f. Paid long-term note payable, $61,000 g. Received cash for issuance of common shares, $3,900 h. Paid cash dividends, $38,100 i. Paid short-term note payable by issuing common shares, $4,700 Requirement Prepare the statement of cash flows of Graphic Design Studio Inc. for the year ended June 30, 2017, using the direct method to report operating activities. Also, prepare the accompanying schedule of non-cash investing and financing activities. All current accounts except short-term notes payable result from operating transactions. The accounting records provide the following: collections from customers, $261,800; interest received, $1,300; payments to suppliers, $133,500; payments to employees, $40,500; payments for income tax, $10,600; payment of interest, $5,300?
The comparative balance sheet of Graphic Design Studio Inc. at June 30, 2017, included these…
- Create a communication plan for mother and child for both prescriptive and non-prescriptive drug therapies.
- 19.9 Randomly selected records of 140 convicted criminals reveal that their crimes were committed on the following days of the week:
- Compare and contrast the fundamental differences in natural death, accidental death, suicide, and homicide
- Being able to articulate your personal worldview can help you formulate a personal philosophy of practice and enhance your influence on patients and the industry.
We’re glad you’re considering us as your academic assistant, and we’d like to explain to you why exactly we firmly believe we’re one of the best companies in the industry.
SPECIAL OFFER FOR NEW CUSTOMERS: GET 15% OFF FOR YOUR FIRST ORDER! 15% OFF your first order! Order Now