Current Year Prior Year Balance Sheet at December 31 $ 44, 580 28, 800 31,800 113, 200 (37, 200) $181, 180 $ 19, e00 31, 000 38, e00 104, 000 (31,000) $161, e00 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets $ 26, 200 Accounts Payable Salaries and Wages Payable Note Payable (1long-term) Common Stock Retained Earnings $ 23,000 1, e0e 50, e00 62, 000 25,000 780 38,000 83, 000 33, 200 $181, 180 $161, 000 Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $102, 000 62, 000 27,800 Net Income $ 12, 200 Addltlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. cl. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200; salaries and wages, $10,200; taxes, $3,200; utilities, $8,200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts r or other expenses, assume that these expenses were fully paid in cash.

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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Current Year
Prior Year
Balance Sheet at December 31
$ 44,580
28,800
31, 800
113,200
(37,200)
$181,180
$ 19, e00
31,e00
38,000
184, 000
(31,e00)
$161,000
Cash
Accounts Receivable
Inventory
Equipment
Accumulated Depreciation-Equipment
Total Assets
Accounts Payable
Salaries and Wages Payable
Note Payable (long-term)
Common Stock
Retained Earnings
$ 26, 200
780
38,000
83,000
33,200
$181,180
$ 23,000
1,e00
50, e0e
62,e00
25, e0e
Total Liabilities and Stockholders' Equity
$161, e00
Income Statement (current year)
Sales Revenue
$102, e00
62, e00
27, 800
$ 12, 200
Cost of Goods Sold
Other Expenses
Net Income
Additlonal Data:
a. Bought equipment for cash, $9,200.
b. Paid $12,000 on the long-term note payable.
c. Issued new shares of stock for $21,000 cash.
d. Declared and paid a $4,000 cash dividend.
e. Other expenses included depreciation, $6,200o; salaries and wages, $10,200; taxes, $3,200; utilities, $8.200.
f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes
or other expenses, assume that these expenses were fully paid in cash.
Transcribed Image Text:Current Year Prior Year Balance Sheet at December 31 $ 44,580 28,800 31, 800 113,200 (37,200) $181,180 $ 19, e00 31,e00 38,000 184, 000 (31,e00) $161,000 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $ 26, 200 780 38,000 83,000 33,200 $181,180 $ 23,000 1,e00 50, e0e 62,e00 25, e0e Total Liabilities and Stockholders' Equity $161, e00 Income Statement (current year) Sales Revenue $102, e00 62, e00 27, 800 $ 12, 200 Cost of Goods Sold Other Expenses Net Income Additlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. d. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200o; salaries and wages, $10,200; taxes, $3,200; utilities, $8.200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
Requlred:
1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted
should be Indicated with a minus sign.)
HUNTER COMPANY
Statement of Cash Flows
For the Year Ended December 31
Cash Flows from Operating Activities:
Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities:
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:
Transcribed Image Text:Requlred: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities:
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