Recent balance sheets of Warnick Co. appear below, together with an income statement for the latest year.

Note: Stock in Bowen Co., held as a long-term investment, was sold for $8,000 cash. Dividends of $10,500 were declared and paid during the year.
Required:
Prepare a statement of cash flows for Warnick Co. for the year ended May 31, Year2. Use the indirect method.

Question

Recent balance sheets of Warnick Co. appear below, together with an income statement for the latest year.  
  
Note: Stock in Bowen Co., held as a long-term investment, was sold for $8,000 cash. Dividends of $10,500 were declared and paid during the year.
Required:
Prepare a statement of cash flows for Warnick Co. for the year ended May 31, Year2. Use the indirect method.

Quizplus · Accepted Answer

The Answer of Recent balance sheets of Warnick Co. appear below, together with an income statement for the latest year.  
  
Note: Stock in Bowen Co., held as a long-term investment, was sold for $8,000 cash. Dividends of $10,500 were declared and paid during the year.
Required:
Prepare a statement of cash flows for Warnick Co. for the year ended May 31, Year2. Use the indirect method.

Recent Balance Sheets of Warnick Co