Comparative Balance Sheets and the Income Statements for Ellis Corporation

question 6

Essay

Comparative balance sheets and the income statements for Ellis Corporation are presented below: The following additional information is available for the year:
* During the year, the company sold long-term investments for $35,500 that had been purchased for $38,000.
* The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock.
* All sales were on credit.
* The company paid a cash dividend of $25,000.
* The company paid cash to retire $15,000 of bonds payable.
Required:
a. Using the indirect method, determine the net cash provided by operating activities.
b. Using the direct method, determine the net cash provided by operating activities.
c. Using the net cash provided by operating activities amount from either part a or b, prepare a statement of cash flows.

---

Definitions:

Variation

The measure of how much the data distributed in a dataset differs from the mean of the dataset, indicating diversity or variability within the data set.

Output

The result or outcome of a process, which, in statistical terms, may refer to data analysis results, visualizations, or summarized statistical findings.

Normal Distribution

A symmetrical probability distribution centered around the mean, indicating that occurrences of data points close to the mean are more common than those far from it.

Standard Deviation

An indicator of the range or spread of a group of numbers.