The comparative balance sheets and an income statement for Jordan Corporation follow:AssetsCashAccounts receivableMerchandise inventoryPrepaid rentEquipmentAccumulated depreciationLandTotal assetsBalance SheetsAs of December 31LiabilitiesAccounts payable (inventory)Salaries payableStockholders' equityCommon stock, $50 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitOperating expensesDepreciation expenseRent expenseSalaries expenseOther operating expensesNet incomeOther Information$Year 2Income StatementFor the Year Ended December 31, Year 270, 25533,900154,7022,455253,610(138,690)187, 250$ 563,482$ 69,97130,497Cash flows from operating activities:250,500212,514$ 563,482$ 40,64024,860Year 1$1,497,000(795,606)701,394(230,080)75,150$375,080(21,130)(23,580)(258,400)(255,840)$ 142, 444170, 1704,910289, 430Add: Decrease in current assets and Increases in current liabilities:199,50070,070$375,08079,37026,1401. Purchased land for $112,100.2. Purchased new equipment for $96,800.3. Sold old equipment that cost $132,620 with accumulated depreciation of $112,520 for $20,100 cash.4. Issued common stock for $51,000.RequiredPrepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cashoutflows should be indicated by a minus sign.)JORDAN CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, Year 2

Statement of cash flow is used for showing the inflow and outflow of cash from various sources.…

Assets Cash Accounts receivable. Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings Total liabilities and equity Balance Sheets As of December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income Other Information Year 2 Income Statement For the Year Ended December 31, Year 2 $ 70,255 33,900 154,702 2,455 253,610 (138,690) 187, 250 $ 563,482 $ 69,971 30,497 250,500 212,514 $ 563,482 $ 40,640 24,860 Year 1 170, 170 4,910 289,430 (230,080) 75, 150 $375,080 $1,497,000 (795,606) 701,394 99,500 70,070 $375,080 (21,130) (23,580) (258,400) (255,840) $ 142,444 79,370 26,140 . Purchased land for $112,100. . Purchased new equipment for $96,800. . Sold old equipment that cost $132,620 with accumulated depreciation of $112,520 for $20,100 cash. Issued common stock for $51,000. Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cash utflows should be indicated by a minus sign.)

Assets Cash Accounts receivable. Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings Total liabilities and equity Balance Sheets As of December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income Other Information Year 2 Income Statement For the Year Ended December 31, Year 2 $ 70,255 33,900 154,702 2,455 253,610 (138,690) 187, 250 $ 563,482 $ 69,971 30,497 250,500 212,514 $ 563,482 $ 40,640 24,860 Year 1 170, 170 4,910 289,430 (230,080) 75, 150 $375,080 $1,497,000 (795,606) 701,394 99,500 70,070 $375,080 (21,130) (23,580) (258,400) (255,840) $ 142,444 79,370 26,140 . Purchased land for $112,100. . Purchased new equipment for $96,800. . Sold old equipment that cost $132,620 with accumulated depreciation of $112,520 for $20,100 cash. Issued common stock for $51,000. Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cash utflows should be indicated by a minus sign.)

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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