Accountants for Morganson,Inc. have assembled the following data for the year ended December 31,2024: Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Data TableTransaction Data for 2024: Issuance of common stock for cash$38,000Payment of notes payable$46,100Depreciation expense24,000Payment of cash dividends50,000Purchase of equipment with cash74,000Issuance of notes payable to borrow cash62,000Acquisition of land by issuing long-term notes payable119,000Gain on sale of building4,500Book value of building sold54,000Net income68,500Data Table 20242023Current Assets: Cash$99,400$25,000Accounts Receivable64,10069,700Merchandise Inventory83,00075,000Current Liabilities: Accounts Payable57,60055,200Income Tax Payable14,80016,800.) Morganson, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Acquisition of Land by Issuing Long-term Notes PayableCash Payment of DividendsCash Payment of Notes PayableCash Payment for Acquisition of EquipmentCash Receipt from Issuance of Common StockCash Receipt from Issuance of Notes PayableCash Receipt from Sale of BuildingDecrease in Accounts ReceivableDecrease in Income Tax Payablehe year ended December 31, 202icon to view the transaction data.Include an accompanying scheduDepreciation ExpenseGain on Sale of BuildingIncrease in Accounts PayableIncrease in Merchandise InventoryNet Cash Provided by (Used for) Operating Activities Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 202(Click the icon to view the current accounts.)(Click the icon to view the transaction data.)Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedulMorganson, Inc.Statement of Cash FlowsYear Ended December 31, 2024Cash Flows from Operating Activities:Net IncomeAdjustments to Reconcile Net Income to Net CashProvided by (Used for) Operating Activities:

Cash Flow Statement is a statement that records cash inflows and outflows of a business.

Answered: Accountants for Morganson,Inc. have…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Accountants for Morganson,Inc. have assembled the following data for the year ended December 31,

2024:

Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.

Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.)

Data Table

Transaction Data for 2024:
Issuance of common stock for cash	$38,000	Payment of notes payable	$46,100
Depreciation expense	24,000	Payment of cash dividends	50,000
Purchase of equipment with cash	74,000	Issuance of notes payable to borrow cash	62,000
Acquisition of land by issuing long-term notes payable	119,000	Gain on sale of building	4,500
Book value of building sold	54,000	Net income	68,500

Data Table

	2024	2023
Current Assets:
Cash	$99,400	$25,000
Accounts Receivable	64,100	69,700
Merchandise Inventory	83,000	75,000
Current Liabilities:
Accounts Payable	57,600	55,200
Income Tax Payable	14,800	16,800

	Morganson, Inc.
	Statement of Cash Flows
	Year Ended December 31, 2024
	Cash Flows from Operating Activities:
	Net Income
	Adjustments to Reconcile Net Income to Net Cash
	Provided by (Used for) Operating Activities:

Acquisition of Land by Issuing Long-term Notes Payable
Cash Payment of Dividends
Cash Payment of Notes Payable
Cash Payment for Acquisition of Equipment
Cash Receipt from Issuance of Common Stock
Cash Receipt from Issuance of Notes Payable
Cash Receipt from Sale of Building
Decrease in Accounts Receivable
Decrease in Income Tax Payable
he year ended December 31, 202
icon to view the transaction data.
Include an accompanying schedu
Depreciation Expense
Gain on Sale of Building
Increase in Accounts Payable
Increase in Merchandise Inventory
Net Cash Provided by (Used for) Operating Activities

Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 202
(Click the icon to view the current accounts.)
(Click the icon to view the transaction data.)
Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedul
Morganson, Inc.
Statement of Cash Flows
Year Ended December 31, 2024
Cash Flows from Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used for) Operating Activities:

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.