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(Solution) - The income statement and additional data of Norton Travel Produc

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Item details:

The income statement and additional data of Norton Travel Products, Inc., follow:



Additional data:
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:


Requirements
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.

 







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