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  • Main Street Antiques LTD S Comparative Balance Sheet at December 31

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    Charlotte
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    The document provides the comparative balance sheet and income statement for Main Street Antiques Ltd. as of December 31, 2017. It also provides additional information about transactions during the year, including acquiring equipment using a note payable and cash, purchasing a long-term investment for cash, issuing common shares for cash, issuing only cash dividends, and paying a short-term note payable by issuing common shares. The required tasks are to prepare the cash flow statement for the year using the direct method and provide a note summarizing non-cash transactions, and prepare a supplementary schedule showing cash flows from operations using the indirect method.

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    Main Street Antiques Ltd s Comparative Balance Sheet at December 31

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    The document provides the comparative balance sheet and income statement for Main Street Antiques Ltd. as of December 31, 2017. It also provides additional information about transactions during the year, including acquiring equipment using a note payable and cash, purchasing a long-term investment for cash, issuing common shares for cash, issuing only cash dividends, and paying a short-term note payable by issuing common shares. The required tasks are to prepare the cash flow statement for the year using the direct method and provide a note summarizing non-cash transactions, and prepare a supplementary schedule showing cash flows from operations using the indirect method.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    16 views3 pages

    Main Street Antiques LTD S Comparative Balance Sheet at December 31

    Uploaded by

    Charlotte
    The document provides the comparative balance sheet and income statement for Main Street Antiques Ltd. as of December 31, 2017. It also provides additional information about transactions during the year, including acquiring equipment using a note payable and cash, purchasing a long-term investment for cash, issuing common shares for cash, issuing only cash dividends, and paying a short-term note payable by issuing common shares. The required tasks are to prepare the cash flow statement for the year using the direct method and provide a note summarizing non-cash transactions, and prepare a supplementary schedule showing cash flows from operations using the indirect method.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    (SOLVED) Main Street Antiques Ltd s comparative balance

    sheet at December 31
    Main Street Antiques Ltd s comparative balance sheet at December 31

    Main Street Antiques Ltd.'s comparative balance sheet at December 31, 2017, and its 2017
    income sta
    GET THE ANSWER>> https://solutionlly.com/downloads/main-street-antiques-ltd-s-comparative-
    balance-sheet-at-december-31
    Main Street Antiques Ltd s comparative balance sheet at December 31

    Main Street Antiques Ltd.'s comparative balance sheet at December 31, 2017, and its 2017
    income statement are as follows:

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    Other information for the year ended December 31, 2017:

    a. Acquired equipment by issuing a long-term note payable, $76,500, and paying $5,000 cash.

    b. Purchased a long-term investment for cash.

    c. Received cash for issuance of common shares, $40,000.

    d. Only cash dividends were issued during the year.

    e. Paid short-term note payable by issuing common shares.

    Required

    1. Prepare the cash flow statement of Main Street Antiques Ltd. for the year ended December
    31, 2017, using the direct method to report operating activities. Also prepare a note to the
    financial statements providing a summary of non-cash investing and financing activities. All
    current accounts, except short-term notes payable, result from operating transactions.

    2. Prepare a supplementary schedule showing cash flows from operations by the indirect
    method.

    Main Street Antiques Ltd s comparative balance sheet at December 31


    GET THE ANSWER>> https://solutionlly.com/downloads/main-street-antiques-ltd-s-comparative-
    balance-sheet-at-december-31

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