stion list
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Fortune Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020.
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Requirement
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1. Prepare Fortune's statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities.
uestion 1
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Data table
Transaction Data for 2021:
uestion 2
December 31,
2021
2020
Acquisition of land by issuing
Purchase of treasury stock $ 12,000
Current Accounts:
long-term note payable $ 198,000 Gain on sale of equipment
11,400
Current assets:
question 3
Stock dividends
32,200 Payment of cash dividends
46,000
Cash and cash equivalents
$ 116,500 $ 27,000
Collection of loan
10,500 Issuance of long-term note
Accounts receivable
Depreciation expense
16,400 payable to borrow cash
34,200
uestion 4
Inventories
Purchase of building
Net income
62,000
Prepaid expenses
40,000
64,600
9,300
85,000
3,700
1,700
with cash
133,000 Issuance of common stock
Current liabilities:
Retirement of bonds payable
for cash
36,700
by issuing common stock
Accounts payable
$ 56,900 $ 56,200
75,000 Proceeds from sale of
Purchase of long-term
Income tax payable
29,100
17,100
equipment
53,000
Accrued liabilities
15,800
7,800
uestion 5
investment with cash
45,300 Amortization expense
5,400
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