Computer Service and Repair was started five years ago by two college roommates. The company's comparative balance sheets and income statement are presented below, along with additional information. Current Year Prior Year Balance Sheet at December 31 Cash Accounts receivable Prepaid expenses Equipment Accumulated depreciation Wages payable Short-term note payable Common stock Retained earnings Income Statement for Current Year Service revenue Depreciation expense Salaries expense Other expenses Net income Additional Data: $ 6,380 1,100 500 510 (90) $ 8,400 $ 430 260 2,600 5,110 $ 8,400 $ 42,000 90 34,000 7,650 $ 260 $ 8,280 580 90 0 0 $ 8,950 $ 1,500 0 2,600 4,850 $ 8,950 1. Prepaid expenses relate to rent paid in advance. 2. Other expenses were paid in cash. 3. Purchased equipment for $510 cash at the beginning of the current year and recorded $90 of depreciation expense at the end of the current year. 4. At the end of the current year, the company signed a short-term note payable to the bank for $260. Required: Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. Note: List cash outflows as negative amounts.

Computer Service and Repair was started five years ago by two college roommates. The company's comparative balance sheets and income statement are presented below, along with additional information. Current Year Prior Year Balance Sheet at December 31 Cash Accounts receivable Prepaid expenses Equipment Accumulated depreciation Wages payable Short-term note payable Common stock Retained earnings Income Statement for Current Year Service revenue Depreciation expense Salaries expense Other expenses Net income Additional Data: $ 6,380 1,100 500 510 (90) $ 8,400 $ 430 260 2,600 5,110 $ 8,400 $ 42,000 90 34,000 7,650 $ 260 $ 8,280 580 90 0 0 $ 8,950 $ 1,500 0 2,600 4,850 $ 8,950 1. Prepaid expenses relate to rent paid in advance. 2. Other expenses were paid in cash. 3. Purchased equipment for $510 cash at the beginning of the current year and recorded $90 of depreciation expense at the end of the current year. 4. At the end of the current year, the company signed a short-term note payable to the bank for $260. Required: Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. Note: List cash outflows as negative amounts.

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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