The following information is taken from the accounting records of the Gilford Corporation. Use this information to prepare Gilford's statement of cash flows for the year ended December 31, 2019.

(a)Plant construction costing $40,000 in cash was completed.
(b)Equipment was purchased for $20,000 in cash.
(c)Common stock was sold for $50,000 in cash.
(d)Bonds were issued for $15,000 in cash.
(e)Common stock dividends of $20,000 were paid in cash.
(f)Net income after income taxes was $35,000.

Question

The following information is taken from the accounting records of the Gilford Corporation. Use this information to prepare Gilford's statement of cash flows for the year ended December 31, 2019.
  
(a)Plant construction costing $40,000 in cash was completed.
(b)Equipment was purchased for $20,000 in cash.
(c)Common stock was sold for $50,000 in cash.
(d)Bonds were issued for $15,000 in cash.
(e)Common stock dividends of $20,000 were paid in cash.
(f)Net income after income taxes was $35,000.

Quizplus · Accepted Answer

The Answer of The following information is taken from the accounting records of the Gilford Corporation. Use this information to prepare Gilford's statement of cash flows for the year ended December 31, 2019.
  
(a)Plant construction costing $40,000 in cash was completed.
(b)Equipment was purchased for $20,000 in cash.
(c)Common stock was sold for $50,000 in cash.
(d)Bonds were issued for $15,000 in cash.
(e)Common stock dividends of $20,000 were paid in cash.
(f)Net income after income taxes was $35,000.

The Following Information Is Taken from the Accounting Records of the Gilford