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:2023 plant asset acquisitions were paid in cash.No plant assets were sold during 2023.$30,000 of the notes receivable were collected during 2023.No common stock was retired during 2023.$50,000 in bonds were retired in 2023. All bonds were issued at par value. Using the indirect method, prepare Madigan Pets Supply's financing section of the statement of cash flows for the year ending December 31, 2023.??
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 |
|
|
200,000 |
150,000 |
|
Dividends Declared and Paid |
24,000 |
18,000 |
|
|
50,000 |
50,000 |
|
Long-term Intangible Assets(net) |
$8,000 |
$12,000 |
|
Amortization Expense (annual) |
$6,000 |
$8,000 |
Additional information:2023 plant asset acquisitions were paid in cash.No plant assets were sold during 2023.$30,000 of the notes receivable were collected during 2023.No common stock was retired during 2023.$50,000 in bonds were retired in 2023. All bonds were issued at par value.
Using the indirect method, prepare Madigan Pets Supply's financing section of the statement of
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