Home / Questions / The comparative balance sheets and income statements for Gypsy Company follow Income State...
The comparative balance sheets and income statements for Gypsy Company follow: Income Statement For the Year Ended December 31, 2017 Sales revenue.................................... $ 61,200 Cost of goods sold.............................. (24,500) Gross margin....................................... 36,700 Depreciation expense........................... (12,000) Operating income................................. 24,700 Gain on sale of equipment........................ 1,500 Loss on disposal of land........................... (100) Net income...................................... $ 26,100 Additional Data 1. During 2017, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash. 2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange. 3. Paid dividends of $12,400. Required Prepare a statement of cash flows using the indirect method.
Apr 12 2020 Read more Less More
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