The income statement and additional data of Norton Travel Products, Inc., follow:
a. Acquisition of plant assets was $170,000. Of this amount, $140,000 was paid in cash and $30,000 by signing a note payable.
b. Proceeds from sale of land totaled $48,000.
c. Proceeds from issuance of common stock totaled $31,000.
d. Payment of long-term note payable was $16,000.
e. Payment of dividends was $10,000.
f. From the balance sheets:
1. Prepare Norton?s statement of cash flows for the year ended December 31, 2010, using the indirect method.
2. Evaluate Norton?s cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for yourevaluation.
This question was answered on: Jul 11, 2017
Need a similar solution fast, written anew from scratch? Place your own custom order
We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.