Use the Following Selected Data and Additional Information from the Records

question 225

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:
Prepare the operating activities section of statement of cash flows for Utah Corp. for 2016 if the direct method is used to determine net cash flow from operating activities.

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Definitions:

European Migrants

Individuals from European countries who moved to other parts of the world, often for economic opportunities or to escape conflicts.

Observations Concerning

This phrase suggests a detailed examination or commentary on a specific subject, issue, or phenomenon, often based on careful notice or systematic monitoring.

Increase Of Mankind

Increase Of Mankind refers to the rapid growth in human population due to factors like improved medical care, technological advancements, and agricultural productivity, significantly impacting social, economic, and environmental systems.

Benjamin Franklin

A Founding Father of the United States, known for his contributions as an inventor, writer, diplomat, and scientist.