Use the Following Selected Data and Additional Information from the Records

question 164

Essay

Use the following selected data and additional information from the records of Utah Corp. to answer the questions that follow.
1 Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2016.
2 Common stock was issued to retire bonds payable during 2016.
3 The only items affecting retained earnings in 2016 were net income and dividends declared and paid.
-Review the data for Utah Corp.
REQUIRED:
A Prepare the investing activities section of a statement of cash flows for 2016 for Utah Corp.
B Prepare the financing activities section of a statement of cash flows for 2016 for Utah Corp.

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Definitions:

Modeling Critical Thinking

Demonstrating and applying the principles of critical thinking in order to encourage others to engage in analytical, reflective, and independent thinking.

Reasoned Way

A logical and well-thought-out approach to thinking, decision-making, or problem-solving.

One and Only One Answer

A situation in which a particular question or problem has a single correct solution or response.

Infants Concepts

The foundational ideas and understandings that infants begin to develop about the world around them.