Based on the information provided below for Krackle Corp.,complete the following worksheet to be used to prepare the statement of cash flows using the indirect method.
(a)Net income for the year was $30,000.
(b)Dividends of $10,000 were declared and paid.
(c)Krackle's only noncash expense was depreciation which totaled $50,000.
(d)The company purchased plant assets for $70,000.
(e)Notes payable in the amount of $40,000 were issued during the year for cash.
Definitions:
Object Permanence
The understanding that objects continue to exist even when they cannot be seen, heard, or touched, a concept typically developed in infancy.
Conservation
A cognitive ability that enables an individual to understand that redistributing material does not affect its mass, number, volume, or length.
Formal Operational
The final stage of cognitive development in Piaget's theory, characterized by the ability to think abstractly, logically, and systematically.
Abstract Thinking
Abstract thinking is the ability to consider concepts, understand complex ideas, and apply problem-solving strategies beyond the concrete and immediate.
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