Solution-Prepare olsheskis cash flow statement for the year

Prepare olsheskis cash flow statement for the year

Reference no: EM132473645

Instructions

Question 1: Prepare Olsheski's cash flow statement for the year ended December 31, 2017 using the indirect method.

In addition, the following information is available from the comparative balance sheet for =tea at the end of 2016 and 2017:

	2017	2016
Cash	$102,000	$14,000
Accounts receivable (net)	20,000	15,000
Prepaid insurance	17,000	13.000
Total current assets	S1:19 000	$42.000
Accounts payable	$ 25 000	$19,000
Salaries payable	4,000	7,000
Total current liabilities	$ 29 000	$26 000

The following information is available for cathea Corporation for the year ended December 31,2017

2017:
Collection of principal on long-term loan to a supplier	$35,000
Acquisition of equipment for cash	10,000
Proceeds from the sale of long-term investment at book value	27,000
Issue of common shares for cash	20,000
Amortization expense	25,000
Redeemed (paid off liability) bonds payable at carrying (book) value	24,000
Payment of cash dividends	9,000
Net income	30,000

Reference no: EM132473645

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Prepare olsheskis cash flow statement for the year

Reference no: EM132473645

Reference no: EM132473645

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