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CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Sales revenue Cost of goods sold Depreciation expense Income Statement for 2014 Other expenses Income taxes Net income 1 2 3. 4. 2013 $67,840 $74,368 26,880 31.104 39,424 37,376 117,760 30.976 $255,104 $229,632 157,440 36,480 2014 $46,464 $42,240 14,080 10,240 35,840 46.080 19,200 15,360 48.640 39.680 90,880 76.032 $255,104 $229,632 $431,872 261,120 5.504 111,360 18.560 $35,328 Additional Information on Year 2014 Transactions Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash Declared and paid cash dividends of $20,480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.a. (15,000

CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Sales revenue Cost of goods sold Depreciation expense Income Statement for 2014 Other expenses Income taxes Net income 1 2 3. 4. 2013 $67,840 $74,368 26,880 31.104 39,424 37,376 117,760 30.976 $255,104 $229,632 157,440 36,480 2014 $46,464 $42,240 14,080 10,240 35,840 46.080 19,200 15,360 48.640 39.680 90,880 76.032 $255,104 $229,632 $431,872 261,120 5.504 111,360 18.560 $35,328 Additional Information on Year 2014 Transactions Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash Declared and paid cash dividends of $20,480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.a. (15,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Income Statement for 2014 Sales revenue Cost of goods sold Depreciation expense Other expenses Income taxes Net income 3. 4. 2014 $67,840 26,880 39,424 $74,368 31,104 37,376 157,440 117,760 36,480 30.976 $255,104 $229,632 $46,464 $42,240 14,080 10,240 35,840 46,080 19,200 15,360 39.680 76.032 $229,632 48,640 90,880 $255,104 $431,872 261,120 5.504 111,360 18.560 $35,328 2013 Additional Information on Year 2014 Transactions 1 Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance. 2 Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash. Declared and paid cash dividends of $20.480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000
Transcribed Image Text:CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Income Statement for 2014 Sales revenue Cost of goods sold Depreciation expense Other expenses Income taxes Net income 3. 4. 2014 $67,840 26,880 39,424 $74,368 31,104 37,376 157,440 117,760 36,480 30.976 $255,104 $229,632 $46,464 $42,240 14,080 10,240 35,840 46,080 19,200 15,360 39.680 76.032 $229,632 48,640 90,880 $255,104 $431,872 261,120 5.504 111,360 18.560 $35,328 2013 Additional Information on Year 2014 Transactions 1 Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance. 2 Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash. Declared and paid cash dividends of $20.480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000
Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Inventory Increase in Accounts Payable Statement of Cash Flows-Indirect Method December 31, 2014 increase in Income Taxes Payable Net Cash Provided by Operating Activities ✓ Cash Flows from investing Activities Purchase of Equipment Cash Flows from Financing Activities > > CullumberCompany < S S
Transcribed Image Text:Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Inventory Increase in Accounts Payable Statement of Cash Flows-Indirect Method December 31, 2014 increase in Income Taxes Payable Net Cash Provided by Operating Activities ✓ Cash Flows from investing Activities Purchase of Equipment Cash Flows from Financing Activities > > CullumberCompany < S S
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