I do not need an essay. I just need the questions below answered.
1. Suppose we purchased a delivery truck 4 years ago for $75,000. To date we have depreciated a total of $60,000. Now, we sell the truck for $17,500 cash.
Assume we use the indirect method to prepare the cash flow statement.
What sections on the cash flow statement will be affected? How? Be specific with dollar amounts.
Would your answer be different if we sold the truck for $12,500?
2. There are three categories on the statement of cash flows: operating, investing and financing.
In what category would the repayment of loan principal be shown?
In what category would the payment of interest on a loan be shown?
In what category would the payment for an investment in the stock of another company be shown?
In what category would the receipt of dividends on stock of another company be shown?
In what category would the payment of dividends be shown?
3. The difficulty with the cash flow statement is with cash flows from operating activities. Most companies use the indirect method because it is easier to determine from the accounting records.
4. Do you think a controller changing the financial report is only a short term solution for a company financial issues?
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