Homework Help is Here – Start Your Trial Now!
Business
Accounting
eceivable (net).. ed depreciation-eguipment

eceivable (net).. ed depreciation-eguipment

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Chapter 16 Statement of Cash Flows 807 Problems: Series A PR 16-1A Statement of cash flows OBJ. 2, 3, 4, S Net cash flows from The comparative balance sbeet of lelesias Inc. for December 31, 20Y3 and 20Y, 15 shown eperating activities, $588,000 as follows: Dec. 31,20Y3 Dec. 31,20Y2 Assets SHOW ME HOW Cash... $ 186,000 $ 180,000 Accounts receivable (net). 540,000 480,000 Inventories... 924,000 900,000 Investments.... 120,000 Land.... 600,000 Equipment....... Accumulated depreciation-equipment......**** *. Total assets.... 1,680,000 1,440,000 (720,000) $3,210,000 (600,000) $2,520,000 Llabilities and Stockholders' Equity Accounts payable... 5 408,000 5 360,000 54,000 60,000 Accrued expenses payable...... Dividends payable...... Common stock, $4 par.... 36,000 30,000 840,000 720,000 240,000 210,000 Paid-in capital in excess of par.... 1,632,000 1,140,000 Retained earnings...... $3,210,000 $2.520,000 Total liabilities and stockholders' equity..... Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $210,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $600,000 credit to Retained Earnings for net income. f. There was a $108,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.
Transcribed Image Text:Chapter 16 Statement of Cash Flows 807 Problems: Series A PR 16-1A Statement of cash flows OBJ. 2, 3, 4, S Net cash flows from The comparative balance sbeet of lelesias Inc. for December 31, 20Y3 and 20Y, 15 shown eperating activities, $588,000 as follows: Dec. 31,20Y3 Dec. 31,20Y2 Assets SHOW ME HOW Cash... $ 186,000 $ 180,000 Accounts receivable (net). 540,000 480,000 Inventories... 924,000 900,000 Investments.... 120,000 Land.... 600,000 Equipment....... Accumulated depreciation-equipment......**** *. Total assets.... 1,680,000 1,440,000 (720,000) $3,210,000 (600,000) $2,520,000 Llabilities and Stockholders' Equity Accounts payable... 5 408,000 5 360,000 54,000 60,000 Accrued expenses payable...... Dividends payable...... Common stock, $4 par.... 36,000 30,000 840,000 720,000 240,000 210,000 Paid-in capital in excess of par.... 1,632,000 1,140,000 Retained earnings...... $3,210,000 $2.520,000 Total liabilities and stockholders' equity..... Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $210,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $600,000 credit to Retained Earnings for net income. f. There was a $108,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS