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Morris Industries reported the following cash transactions for last year.Borrowed money from First ...
vanessavz
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Morris Industries reported the following cash transactions for last year.Borrowed money from First ...
Morris Industries reported the following cash transactions for last year.
Borrowed money from First National Bank
$100,000
Sold Morris common stock
50,000
Repurchased 50 shares of common stock
5,000
Sold investment in bonds issued by other companies
20,000
Paid interest on notes payable
3,000
Paid dividends to company's stockholders
8,000
Collection by Morris for a loan made to another company
22,000
Cash from sale of fully depreciated factory equipment
10,000
Required:
a.
Prepare the investing section of Morris's statement of cash flows.
b.
Prepare the financing section of Morris's statement of cash flows.
Textbook
Managerial Accounting
Edition:
4
th
Author:
Davis
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More solutions for this book are
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a.
Proceeds from sale of investment
$ 20,000
Collection on note receivable
22,000
Sale of factory equipment
10,000
Net cash provided by investing activities
$52,000
b.
Proceeds from bank loan
$100,000
Proceeds from sale of stock
50,000
Repurchase of common stock
(5,000)
Payment of dividends
(8,000)
Net cash provided from financing activities
$137,000
1
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vanessavz
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Smart ... Thanks!
Marcie D
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I appreciate what you did here, answered it right
riptide
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Thanks
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