### Understanding the Statement of Cash FlowsAccountants for Morston, Inc. have assembled the following data for the year ended December 31, 2024. This information will help in preparing Morston's statement of cash flows using the indirect method. This method includes an accompanying schedule of non-cash investing and financing activities.#### Statement of Cash Flows**Morston, Inc.** **Statement of Cash Flows** **Year Ended December 31, 2024****Cash Flows from Operating Activities:**- Net Income: \[amount to be entered\]- Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: - \[Various adjustments to be entered\] \[List each adjustment separately in the spaces provided.\]- **Net Cash Provided by (Used for) Operating Activities:** \[amount to be entered\]#### Data TableA detailed data table is provided to assist with the preparation of the statement of cash flows. It contains critical information regarding current assets, current liabilities, and specific transaction data for 2024 and 2023.##### Data Table Breakdown:**Current Assets:**| | 2024 | 2023 ||---|---|---|| Cash | $103,700 | $17,000 || Accounts Receivable | $64,400 | $85,900 || Merchandise Inventory | $86,000 | $47,900 |**Current Liabilities:**| | 2024 | 2023 ||---|---|---|| Accounts Payable | $57,700 | $16,500 || Income Tax Payable | $14,400 | $16,200 |**Transaction Data for 2024:**- Issuance of common stock for cash: $39,000- Depreciation expense: $21,000- Purchase of equipment with cash: $68,000- Acquisition of land by issuing long-term notes payable: $114,000- Book value of building sold: $55,000- Payment of notes payable: $42,100- Issuance of notes payable to borrow cash: $68,000- Gain on sale of building: $3,000- Net income: $70,500The preparation of the statement of cash flows requires filling in the relevant sections with the provided

Cash flow statements includes: Cash flows from Operating activities Cash flows from Investing…

Accountants for Morston, Inc. have assembled the following data for the year ended December 31, 2024: (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Prepare Morston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. KIIN 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 leave the box empty, do not select a label or enter a zero.) Morston, Inc. - Data table Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: 2024 2023 Net Income Adjustments to Reconcile Net Income to Net Cash $ 103,700 S Provided by (Used for) Operating Activities: 64,400 86,000 57,700 14,400 Net Cash Provided by (Used for) Operating Activities Data table Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 39,000 21,000 68,000 114,000 55,000 Current Assets; Cash Accounts Receivable Merchandise Inventory Accounts Payable Income Tax Payable Print Current Liabilities: Payment of notes payable Payment of cash dividends Issuance of notes payable to borrow cash Gain on sale of building Net income - X $ 42,100 46,000 58,000 3,000 70,500 Done 17,000 68,900 81,000 56,100 16,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cromwell Company has the following trial balance account balances, given in no certain order, as of December 31, 2018. Using the information provided, prepare Cromwell’s annual financial statements (omitthe Statement of Cash Flows)
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i did most part, not sure if its correct. how do i find the cash at the begining of the year? i got $ -5500 as net decraese in cash
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for Morston, Inc. have assembled the following data for the year icon to view the current accounts.) (Click the icon to view the transaction data.) ston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. .. he statement one section at a time, beginning with the cash flows from operating activities. (Use a m ox empty, do not select a label or enter a zero.) Data table Morston, Inc. Statement of Cash Flows Year Ended December 31, 2024 lows from Operating Activities: come 70,500 stments to Reconcile Net Income to Net Cash vided by (Used for) Operating Activities: Depreciation Expense Gain on Sale of Building Decrease in Accounts Receivable Increase in Merchandise Inventory Incroaco in Accounts Payabla Data table et asi Net Hel O Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value…
During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities + Salaries Payable Cash Event Earned revenue Accrued salaries Ending balance Req A Req B and C = = 0 = 0 + + + Stockholders' Equity Retained Earnings Common Stock + + + 0 + 0

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