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Make the statement of cash flows of metagrobolize

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Reference no: EM132624088

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

Additional information from the accounting records:

  1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018.
  2. During 2018, equipment with a cost of $300,000 (90% depreciated) was sold.
  3. The statement of shareholders' equity reveals reductions of $175,000 and $420,000 for stock dividends and cash dividends, respectively.

Required:

Problem 1: Make the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method.

Reference no: EM132624088

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