The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form:
The income statement for the current year is as follows:
Additional data for the current year are as follows: (a) Fully depreci ated equipment costing $ \$ 39,000 $ was scrapped, no salvage, and equipment was purchased for $ \$ 157,000 $.
(b) Bonds payable for $ \$ 100,000 $ were retired by payment at their face amount.
(c) 5,000 shares of common stock were issued at $ \$ 15 $ for cash.
(d) Cash dividends declared were paid $ \$ 41,400 $.
(e) All sales are on account.
Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities.

Question

The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form:  ​
The income statement for the current year is as follows:  ​
Additional data for the current year are as follows: (a) Fully depreci ated equipment costing $ \$ 39,000 $ was scrapped, no salvage, and equipment was purchased for $ \$ 157,000 $.
(b) Bonds payable for $ \$ 100,000 $ were retired by payment at their face amount.
(c) 5,000 shares of common stock were issued at $ \$ 15 $ for cash.
(d) Cash dividends declared were paid $ \$ 41,400 $.
(e) All sales are on account. ​
Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities.

Quizplus · Accepted Answer

The Answer of The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form:  ​
The income statement for the current year is as follows:  ​
Additional data for the current year are as follows: (a) Fully depreci ated equipment costing $ \$ 39,000 $ was scrapped, no salvage, and equipment was purchased for $ \$ 157,000 $.
(b) Bonds payable for $ \$ 100,000 $ were retired by payment at their face amount.
(c) 5,000 shares of common stock were issued at $ \$ 15 $ for cash.
(d) Cash dividends declared were paid $ \$ 41,400 $.
(e) All sales are on account. ​
Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities.

The Comparative Balance Sheet of ConnieJo Company, for December 31 $39,000 \$ 39,000 $39,000

The Comparative Balance Sheet of ConnieJo Company, for December 31 $\$ 39,000$