What is the Cash balance for January 1, current year (it’s highlighted) using that info Cash flows from operating activities.Net incomeAdjustments to reconcile net income to net cash provided by operating activities:Depreciation expenseIncrease in accounts receivableIncrease in merchandise inventoryIncrease in accounts payableDecrease in accrued wage expenseNet cash provided by operating activitiesCash flows from investing activities:Cash payments to purchase property and equipment.Net cash used in investing activitiesCash flows from financing activities:Cash payments on long-term noteCash receipts from issuing stockNet cash provided by financing activitiesNet increase in cash during the yearCash balance, January 1, current yearCash balance. December 31. current vear< Prev2 of 2www5,000(4,000)(3,000)9,000(200)(21,000)(6,000)16,000Next$ 12,200$6,80019,000(21,000)10,0008,0008,000 Balance sheet at December 31CashAccounts receivableMerchandise inventoryProperty and equipmentLess: Accumulated depreciationAccounts payableAccrued wages expenseNote payable, long-termCommon stock and additional paid-in capitalRetained earningsIncome statement for current yearSalesCost of goods soldOther expensesNet incomeCurrent Year$ 37,00032,00041,000132,000(41,000)$201,000$36,0001,20038,00088,60037,200$201,000$120,00070,00037,800$ 12,200Prior Year$ 29,00028,00038,000111,000(36,000)$170,000$ 27,0001,40044,00072,60025,000$170,000

Name: What is the Cash balance for January 1, current year (it’s highlighted
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Description: What is the Cash balance for January 1, current year (it’s highlighted) using that info Cash flows from operating activities.Net incomeAdjustments to reconcile net income to net cash provided by operating activities:Depreciation expenseIncrease in ac

Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

Business

Accounting

Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year $ 37,000 32,000 41,000 132,000 (41,000) $201,000 $36,000 1,200 38,000 88,600 37,200 $201,000 $120,000 70,000 37,800 $ 12,200 Prior Year $ 29,000 28,000 38,000 111,000 (36,000) $170,000 $ 27,000 1,400 44,000 72,600 25,000 $170,000

Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year $ 37,000 32,000 41,000 132,000 (41,000) $201,000 $36,000 1,200 38,000 88,600 37,200 $201,000 $120,000 70,000 37,800 $ 12,200 Prior Year $ 29,000 28,000 38,000 111,000 (36,000) $170,000 $ 27,000 1,400 44,000 72,600 25,000 $170,000

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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