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Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity dditional information regarding 2021: Net income was $34,000. Depreciation expense was $18,000. 1. 2. 3. 4. 5. 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $386,000 160,000 (47,000) $ 349,000 49,000 105,000 64,000 131,000 $ 349,000 During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued.

Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity dditional information regarding 2021: Net income was $34,000. Depreciation expense was $18,000. 1. 2. 3. 4. 5. 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $386,000 160,000 (47,000) $ 349,000 49,000 105,000 64,000 131,000 $ 349,000 During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued.

FINANCIAL ACCOUNTING
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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Hi there,

I'm not sure how to solve this question. Which items are supposed to be on the statement of cashflows?

Thanks

Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000)) Adjustments to reconcile net income to $ $ WILDHORSE RETAILERS LTD. Statement of Cash Flows enter a total amount for section three
Transcribed Image Text:Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000)) Adjustments to reconcile net income to $ $ WILDHORSE RETAILERS LTD. Statement of Cash Flows enter a total amount for section three
Assets Cash Accounts receivable Inventory Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Additional information regarding 2021: 1. 2. WILDHORSERETAILERS LTD. Statement of Financial Position December 31 3. 4. 5. 6. 2021 Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $ 386,000 75,000 221,000 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $ 2020 22,000 47,000 167,000 160,000 (47,000) $ 349,000 0 49,000 105,000 64,000 131,000 $ 349,000 Net income was $34,000. Depreciation expense was $18,000. During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. During the year, the company paid all dividends declared.
Transcribed Image Text:Assets Cash Accounts receivable Inventory Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Additional information regarding 2021: 1. 2. WILDHORSERETAILERS LTD. Statement of Financial Position December 31 3. 4. 5. 6. 2021 Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $ 386,000 75,000 221,000 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $ 2020 22,000 47,000 167,000 160,000 (47,000) $ 349,000 0 49,000 105,000 64,000 131,000 $ 349,000 Net income was $34,000. Depreciation expense was $18,000. During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. During the year, the company paid all dividends declared.
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