GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $22,800. Paid cash dividend, $13,300. Sold equipment for $12,500 cash (cost, $34,000, accumulated depreciation, $21,500). Issued shares of no-par stock, 600 shares at $10 per share cash. Net Income was $26,700. Depreciation expense was $4,300. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,100 35,000 82,800 22,000 87,000 (16,100) 234,600 $ 15,300 2,800 7,100 67,000 106,000 36,400 $ 234,600 25,700 35,000 74,500 0 121,000 (33,300) 222,900 $ 23,500 5,100 4,300 67,000 100,000 23,000 $ 222,900 Required: 1. Complete a T-account worksheet. 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Complete this question by entering your answers in the tabs below.
Required 1 Required 2
9
Complete a T-account worksheet.
Operating
Accounts payable
Investing
Financing
Debit
Cash
< Required 1
Cash flows from investing activities:
Show Transcribed Text
GOLFGEAR & MORE, INCORPORATED
Statement of Cash Flows
For the Year Ended December 31, Current Year
Cash flows from operating activities:
Changes in current assets and current liabilities:
Cash flows from financing activities:
Required 2 >
Credit
0
0
0
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 9 Complete a T-account worksheet. Operating Accounts payable Investing Financing Debit Cash < Required 1 Cash flows from investing activities: Show Transcribed Text GOLFGEAR & MORE, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Changes in current assets and current liabilities: Cash flows from financing activities: Required 2 > Credit 0 0 0
t
nces
GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current
year:
Purchased a long-term investment for cash, $22,800.
Paid cash dividend, $13,300.
Sold equipment for $12,500 cash (cost, $34,000, accumulated depreciation, $21,500).
Issued shares of no-par stock, 600 shares at $10 per share cash.
Net Income was $26,700.
Depreciation expense was $4,300.
Its comparative balance sheet is presented below.
Cash
Accounts receivable
Merchandise inventory
Investments
Equipment
Accumulated depreciation
Total
Accounts payable
Wages payable
Income taxes payable
Notes payable
Common stock and additional paid-in capital
Retained earnings
Total
Balances
Balances
12/31/Current 12/31/Prior
Year
Year
23,100
35,000
82,800
22,800
87,000
(16,100)
234,600
$ 15,300
2,800
7,100
67,000
25,700
35,000
74,500
0
121,000
(33,300)
222,900
$ 23,500
5,100
4,300
67,000
100,000
106,000
36,400
23,000
$ 234,600 $ 222,900
Required:
1. Complete a T-account worksheet.
2. Based on the T-account worksheet, prepare the statement of cash flows for the current year.
Transcribed Image Text:t nces GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $22,800. Paid cash dividend, $13,300. Sold equipment for $12,500 cash (cost, $34,000, accumulated depreciation, $21,500). Issued shares of no-par stock, 600 shares at $10 per share cash. Net Income was $26,700. Depreciation expense was $4,300. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,100 35,000 82,800 22,800 87,000 (16,100) 234,600 $ 15,300 2,800 7,100 67,000 25,700 35,000 74,500 0 121,000 (33,300) 222,900 $ 23,500 5,100 4,300 67,000 100,000 106,000 36,400 23,000 $ 234,600 $ 222,900 Required: 1. Complete a T-account worksheet. 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year.
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