Prepare a complete statement of cash flows using the direct method. Accrued Liabilities relate to other operating expenses.
Williams burg Company uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ending December 31, 2018:
Additional information provided by the company includes the following:
Equipment costing $60,000 was purchased for cash.
Equipment with a net asset value of $10,000 was sold for $16,000.
During 2018, the company repaid $43,000 of long-term notes payable.
During 2018, the company borrowed $34,000 on a new note payable.
There were no stock retirements during the year.
There were no sales of Treasury Stock during the year.
You might also like to view...
The amount in the Dividends account should be carried over from the adjusted trial balance of the 10-column work sheet to which of the following columns?
a. Income statement as a debit b. Income statement as a credit c. Balance sheet as a debit d. Balance sheet as a credit
Which of the following describes a standard test market?
A) It is one in which the firm tests the product or marketing-mix variables through the company's normal distribution channels. B) It is conducted by outside research firms that guarantee distribution of the product through prespecified types and numbers of distributors. C) It includes a panel of consumers that has agreed to carry identification cards that each consumer presents when buying goods and services. D) A limited amount of data on consumer response to a new product is fed into a model containing certain assumptions regarding planned marketing programs, which generates likely product sales volume. E) none of the above
Regarding impairment of intangible assets, which of the following statements is incorrect?
A) Impairment occurs when the fair value of an intangible asset is less than the book value. B) Intangible assets are impaired when there has been a permanent decline in the value of the asset. C) Intangible assets with an indefinite life are tested for impairment annually. D) If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.
As part of the budgeting process, managers evaluate operational, tactical, value chain, and capacity issues
Indicate whether the statement is true or false