Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deductedshould be indicated with a minus sign.)HEADS UP COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:Net IncomeAdjustments to Reconcile Net Income to Net CashProvided by Operating Activities:Cash Flows from Investing Activities:Cash Flows from Financing Activities:$ Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and incomestatement follow, along with additional information.Current YearPrevious YearBalance Sheet at December 31$ 4,0001,7505,000(1,250)$ 9,500$ 1,000Cash$ 6,300Accounts Receivable900EquipmentAccumulated Depreciation-Equipment5,500(1,500)Total Assets$11, 200Accounts PayableSalaries and Wages PayableNote Payable (long-term)5005007501,7005,0003,5005005,0002,250$ 9,500Common StockRetained EarningsTotal Liabilities and Stockholders' Equity$11, 200Income Statement$37,50035,000Service RevenueSalaries and Wages ExpenseDepreciation ExpenseIncome Tax Expense2501,000Net Income$ 1,250Additional Data:a. Bought new hockey equipment for cash, $500.b. Borrowed $1,200 cash from the bank during the year.c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liabilityaccounts relating to income tax, assume that this expense was fully paid in cash.

Cash flow statement is a sort of financial statement. It considers movements of cash and cash…

Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,300 $ 4,000 Accounts Receivable 900 1,750 Equipment Accumulated Depreciation-Equipment 5,500 5,000 (1,250) (1,500) $11,200 $ 9,500 $ 1,000 Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings 500 500 750 1,700 5,000 3,500 500 5,000 2,250 Total Liabilities and Stockholders' Equity $11, 200 $ 9,500 Income Statement Service Revenue $37,500 35,000 Salaries and Wages Expense Depreciation Expense Income Tax Expense 250 1,000 $ 1,250 Net Income Additional Data: a. Bought new hockey equipment b. Borrowed $1,200 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. cash,

Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,300 $ 4,000 Accounts Receivable 900 1,750 Equipment Accumulated Depreciation-Equipment 5,500 5,000 (1,250) (1,500) $11,200 $ 9,500 $ 1,000 Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings 500 500 750 1,700 5,000 3,500 500 5,000 2,250 Total Liabilities and Stockholders' Equity $11, 200 $ 9,500 Income Statement Service Revenue $37,500 35,000 Salaries and Wages Expense Depreciation Expense Income Tax Expense 250 1,000 $ 1,250 Net Income Additional Data: a. Bought new hockey equipment b. Borrowed $1,200 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. cash,

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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