American Safety Products, Inc. provided the following comparative balance sheets and income…

 
   

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American Safety Products, Inc. provided the following comparative balance sheets and income statement for the current year. Additional Information: 1. American Safety Products sold trading securities at a loss. 2. The company sold one of its franchises at cost. 3. American Safety Products sold plant assets with a carrying value of $ 1,077,404 for a loss of $ 189,875. 4. American Safety Products made debt payments to reduce the current portion of long- term debt and capital lease obligations. American Safety Products borrowed an additional $ 3,662 by issuing a long-term note. 5. The change in AO CI is due to adjustments required for the company’s defined- benefit pension plan. 6. American Safety Products acquired additional securities classified as held to maturity. It did not purchase any other investments during the year. 7. American Safety Products did not reissue any treasury stock 8. Treat the trading securities as an investing activity. 9. Ignore the amortization of the held- to- maturity investment. Required Prepare the cash flow statement for American Safety Products for the current year using the indirect method. Provide all required disclosures. View Solution:
American Safety Products Inc provided the following comparative balance sheets