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:
Equity Method
An accounting technique used to record investments in other companies, where the investment is initially recorded at cost and adjusted thereafter for the investor's share of the investee's income or losses.
Investment Revenue
Income generated from the holding of investments like stocks, bonds, real estate, and other assets.
Fair Value
An estimate of the market value of an asset or liability, based on current prices or valuations in an orderly transaction between market participants.
Equity Investment Portfolio
A collection of equity securities owned by an individual or institution, often diversified across various sectors.
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