Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable $481,600 75,800 31,800 12,600 12,800 Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable $481,600 75,800 31,800 12,600 12,800 Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, 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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Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income $341,200 Depreciation expense 59,000 Loss on disposal of equipment 35,700 Increase in accounts receivable 21,200 Increase in accounts payable 12,900 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
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Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: Current Year $ 67,850 20,250 26,450 214,450 (63,800) $ 265,200 $ 13,800 5,600 64,500 104,900 76,400 $ 265,200 $ 215,000 112,000 15,450 45,000 $ 42,550 a. Bought equipment for cash, $60,950. b. Paid $11,900 on the long-term note payable. c. Issued new shares of stock for $36,900 cash. d. Dividends of $10,450 were declared and paid. e. Other expenses all relate…
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