Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 The following additional information is taken from the records: 1. Land was sold for $45. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $97 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 The following additional information is taken from the records: 1. Land was sold for $45. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $97 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

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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