COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15 ClipboardFontStylesA1Note: To complete the assignment, go to the worksheet tab labeled Cash FlowAВEFG184,420 | $68,700134,500Cash$25,74083,000128,00010Accounts receivableInventoryPrepaid insurance14 Long-term assets:1112132,9804,560211,000208,500203,00015Investments120,000Land255,000203,00016EquipmentAccumulated depreciation17(117,500)(101,500)181920Total assets$895,600 | $717,800212223 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payable28 Long-term liabilities:Notes payableStockholders' equity:2426,500 | $3,40030,2002581,0002,30032,500262729255,000242,00030273,000307,500230,000130,00031Common stock32Retained earnings3334Total liabilities and stockholders' equity$4895,600 | $717,800Income StatementBalance SheetCash Flow...... INNOVATION ELECTRONICS, INC.Income StatementFor the Year Ended December 31, 20X2Net sales$ 2,430,000Gain on sale of land6,500Total revenues2,436,5002 Expenses:Cost of goods soldOperating expensesDepreciation expenseInterest expense$ 1,565,000598,00016,00017,00063,000Income tax expenseTotal expenses2,259,0001Net income177,500%24

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Description: COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15 ClipboardFontStylesA1Note: To complete the assignment, go to the worksheet tab labeled

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COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS.

DETERMINE THE ANSWERS BY FALLOWING THIS FORMULA SAMPLE: ='BALANCE SHEET'!C15-'BALANCE SHEET'!B15

Clipboard
Font
Styles
A1
Note: To complete the assignment, go to the worksheet tab labeled Cash Flow
A
В
E
F
G
184,420 | $
68,700
134,500
Cash
$
25,740
83,000
128,000
10
Accounts receivable
Inventory
Prepaid insurance
14 Long-term assets:
11
12
13
2,980
4,560
211,000
208,500
203,000
15
Investments
120,000
Land
255,000
203,000
16
Equipment
Accumulated depreciation
17
(117,500)
(101,500)
18
19
20
Total assets
$
895,600 | $
717,800
21
22
23 Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
28 Long-term liabilities:
Notes payable
Stockholders' equity:
24
26,500 | $
3,400
30,200
25
81,000
2,300
32,500
26
27
29
255,000
242,000
30
273,000
307,500
230,000
130,000
31
Common stock
32
Retained earnings
33
34
Total liabilities and stockholders' equity
$4
895,600 | $
717,800
Income Statement
Balance Sheet
Cash Flow
...
...

INNOVATION ELECTRONICS, INC.
Income Statement
For the Year Ended December 31, 20X2
Net sales
$ 2,430,000
Gain on sale of land
6,500
Total revenues
2,436,500
2 Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Interest expense
$ 1,565,000
598,000
16,000
17,000
63,000
Income tax expense
Total expenses
2,259,000
1
Net income
177,500
%24

Definition Definition Net amount of cash that an entity receives and expends over the course of a given period. For a business to continue operating, positive cash flows are required, and they are also necessary to produce value for investors. Investors in particular prefer to see growing cash flows even after capital expenditures have been paid for (which is known as free cash flow).

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5. Using the following answer keys, you are to identify in which activity each of the transactions is classified and its effect on cash flows. Cash Flow Classification...using the capital letter only: O...Operating Activity I...Investing Activity F...Financing Activity OI...Operating and Investing Activity N...Noncash Transaction Effect on Cash Flows...using the capital letter only: I...Increase D...Decrease N...No Effect Transaction Cash Flow Classification Effect on Cash Flows Paid a cash dividend. Decreased accounts receivable. Increased inventory. Retired long-term debt with cash. Sold long-term securities at a loss. Issued stock for equipment. Decreased prepaid insurance. Purchased treasury stock with cash. Retired a fully depreciated truck (no gain or loss). Transferred cash to money market account.
Please explain how to prepare a statement of cash flows (indirect method) including analyzing tables? Please provide an example. Thank you,
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abels and Amount Descriptions Instructions Labels Dec. 31, Dec. 31, December 31, 20Y3 20Y3 20Y2 For the Year Ended December 31, 20Y3 Amount Descriptions Assets 3 Cash $625,680.00 $586,230.00 Cash received from sale of investments 228,100.00 208,850.00 4 Accounts receivable (net) 5 Inventories Cash paid for purchase of land Cash paid for purchase of equipment Cash received from issuing common 640,910.00 617,650.00 0.00 240,620.00 6 Investments 7 Land 328,090.00 0,00 stock 704,540.00 553,320.00 8 Equipment 9 Accumulated depreciation-equipment Cash dividends (166,310.00) (147840.00) Decrease in accounts payable Decreașe in accounts receivable Decrease in accrued expenses payable 10 Total assets $2,361,010.00 $2,058,830.00 11 Liabilities and Stockholders' Equity $425,280.00 $404,550.00 52,020.00 12 Accounts payable Decrease in inventories 41,990.00 13 Accrued expenses payable Depreciation 24,190.00 20,170.00 14 Dividends payablie Gain on sale of investments 15 Common stock, $4 par…
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A cash flow table is basically a two-column table, in which the first column lists the time periods and the second column lists the corresponding cash flows Select one: O True O False