CashAccounts ReceivableMerchandise InventoryPlant AssetsAccumulated DepreciationTotal AssetsAccounts PayableNotes PayableCommon StockRetained EarningsTotal Liabilities and EquityAdditional Information:Net Income for 2018Depreciation Expense for 2018(Accumulated Depreciation Increase)Plant Assets Purchased (Plant Assets Increase),Finance by NoteNotes Payable Increased by Amountof Plant Assets PurchaseNotes Payable Decreased by AmountDec. 31, 2018$103,10021,900140,000180,000(25,000)$420,000$19,000135,50020,000245,500$420,000$28,8004,00030,00030,000Dec. 31, 2017$95,00022,700131,000150,000(21,000)$377,700$21,000120,00020,000216,700$377,700 Notes Payable Decreased by Amountof Principal Note Payments14,500Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.Zowleski CompanyStatement of Cash Flows (Indirect Method)For the Year Ended December 31, 2018Cash Flow from Operating Activities:Adjustments to Reconcile Net Incometo Net Cash Flow from Operating Activities:Net Cash Flow from Operating ActivitiesCash Flow from Financing Activities:Net Cash Flow from Financing ActivitiesNoncash Investing and Financing Activities:4,000x <-2,000 X$28,80095,000 X103,100 X

Cash Accounts Receivable Merchandise Inventory Plant Assets Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Equity Additional Information: Net Income for 2018 Depreciation Expense for 2018 (Accumulated Depreciation Increase) Plant Assets Purchased (Plant Assets Increase), Finance by Note Notes Payable Increased by Amount of Plant Assets Purchase Notes Payable Decreased by Amount Dec. 31, 2018 $103,100 21,900 140,000 180,000 (25,000) $420,000 $19,000 135,500 20,000 245,500 $420,000 $28,800 4,000 30,000 30,000 Dec. 31, 2017 $95,000 22,700 131,000 150,000 (21,000) $377,700 $21,000 120,000 20,000 216,700 $377,700

Cash Accounts Receivable Merchandise Inventory Plant Assets Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Equity Additional Information: Net Income for 2018 Depreciation Expense for 2018 (Accumulated Depreciation Increase) Plant Assets Purchased (Plant Assets Increase), Finance by Note Notes Payable Increased by Amount of Plant Assets Purchase Notes Payable Decreased by Amount Dec. 31, 2018 $103,100 21,900 140,000 180,000 (25,000) $420,000 $19,000 135,500 20,000 245,500 $420,000 $28,800 4,000 30,000 30,000 Dec. 31, 2017 $95,000 22,700 131,000 150,000 (21,000) $377,700 $21,000 120,000 20,000 216,700 $377,700

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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