Cash Flows and Dividends
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1. Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
2. Cash dividends of $80,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is _______.
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Solution Summary
This solution calculates the amount that should be reported in an investing activity and the amount of cash for the payment of annual dividends.
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1. Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what ...
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