Madigan Pets Supply Inc. has the following account balances at December 31, 2022 and 2023: December 31, 2023 December 31
Posted: Sun Apr 17, 2022 6:26 pm
Madigan Pets Supply Inc. has the following account balances at
December 31, 2022 and 2023:
December 31, 2023
December 31, 2022
Cash
$1,200,000
$1,050,000
Notes Receivable
$300,000
$100,000
Plant Asset (net)
300,000
100,000
Long Term Security Investments
$150,000
250,000
Bonds Payable
$550,000
$350,000
Common Stock
300,000
120,000
Additional Paid-in Capital
50,000
20,000
Retained Earnings
200,000
150,000
Dividends Declared and Paid
24,000
18,000
Depreciation Expense (annual)
50,000
50,000
Long-term Intangible Assets(net)
$8,000
$12,000
Amortization Expense (annual)
$6,000
$8,000
Additional information:
Using the indirect method, prepare Madigan Pets Supply's
financing section of the statement of cash flows for the year
ending December 31, 2023.
December 31, 2022 and 2023:
December 31, 2023
December 31, 2022
Cash
$1,200,000
$1,050,000
Notes Receivable
$300,000
$100,000
Plant Asset (net)
300,000
100,000
Long Term Security Investments
$150,000
250,000
Bonds Payable
$550,000
$350,000
Common Stock
300,000
120,000
Additional Paid-in Capital
50,000
20,000
Retained Earnings
200,000
150,000
Dividends Declared and Paid
24,000
18,000
Depreciation Expense (annual)
50,000
50,000
Long-term Intangible Assets(net)
$8,000
$12,000
Amortization Expense (annual)
$6,000
$8,000
Additional information:
Using the indirect method, prepare Madigan Pets Supply's
financing section of the statement of cash flows for the year
ending December 31, 2023.