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* * * l 38% Z 4:49 PM H+ Week 11 discussion Q - Read-only Read Only - You can't save changes to t... Unit 8 Discussion Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company's comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable Accrued liabilities Long-term notes payable $ 4,000 2,000 84,000 $ 90,000 $ 6,000 1,000 90,000 $ 97,000 Total liabilities Common stock Retained earnings Treasury stock Total equity 30,000 113,000 (8,000) $135,000 2,000 74,000 (5,000) $ 71,000 Total liabilities and equity $225,000 $168,000 The company also provided the following additional information: No stock was retired. No treasury stock was sold. During 2014, the company repaid $40,000 of long-term notes payable. During 2014, the company borrowed $34,000 on a new note payable. Net income for the year was $49,000. From the info presented above, prepare the financing section of the statement of cash flows using the following format: Financing activities: Issuance of stock Purchase of treasury stock Sale of treasury stock Borrowing on notes payable Repayments of notes payable Payment of dividends Net cash from financing activities

* * * l 38% Z 4:49 PM H+ Week 11 discussion Q - Read-only Read Only - You can't save changes to t... Unit 8 Discussion Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company's comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable Accrued liabilities Long-term notes payable $ 4,000 2,000 84,000 $ 90,000 $ 6,000 1,000 90,000 $ 97,000 Total liabilities Common stock Retained earnings Treasury stock Total equity 30,000 113,000 (8,000) $135,000 2,000 74,000 (5,000) $ 71,000 Total liabilities and equity $225,000 $168,000 The company also provided the following additional information: No stock was retired. No treasury stock was sold. During 2014, the company repaid $40,000 of long-term notes payable. During 2014, the company borrowed $34,000 on a new note payable. Net income for the year was $49,000. From the info presented above, prepare the financing section of the statement of cash flows using the following format: Financing activities: Issuance of stock Purchase of treasury stock Sale of treasury stock Borrowing on notes payable Repayments of notes payable Payment of dividends Net cash from financing activities

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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* * * l 38% Z 4:49 PM H+ Week 11 discussion Q - Read-only Read Only - You can't save changes to t... Unit 8 Discussion Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company's comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable Accrued liabilities Long-term notes payable $ 4,000 2,000 84,000 $ 90,000 $ 6,000 1,000 90,000 $ 97,000 Total liabilities Common stock Retained earnings Treasury stock Total equity 30,000 113,000 (8,000) $135,000 2,000 74,000 (5,000) $ 71,000 Total liabilities and equity $225,000 $168,000 The company also provided the following additional information: No stock was retired. No treasury stock was sold. During 2014, the company repaid $40,000 of long-term notes payable. During 2014, the company borrowed $34,000 on a new note payable. Net income for the year was $49,000. From the info presented above, prepare the financing section of the statement of cash flows using the following format: Financing activities: Issuance of stock Purchase of treasury stock Sale of treasury stock Borrowing on notes payable Repayments of notes payable Payment of dividends Net cash from financing activities
Transcribed Image Text:* * * l 38% Z 4:49 PM H+ Week 11 discussion Q - Read-only Read Only - You can't save changes to t... Unit 8 Discussion Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company's comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable Accrued liabilities Long-term notes payable $ 4,000 2,000 84,000 $ 90,000 $ 6,000 1,000 90,000 $ 97,000 Total liabilities Common stock Retained earnings Treasury stock Total equity 30,000 113,000 (8,000) $135,000 2,000 74,000 (5,000) $ 71,000 Total liabilities and equity $225,000 $168,000 The company also provided the following additional information: No stock was retired. No treasury stock was sold. During 2014, the company repaid $40,000 of long-term notes payable. During 2014, the company borrowed $34,000 on a new note payable. Net income for the year was $49,000. From the info presented above, prepare the financing section of the statement of cash flows using the following format: Financing activities: Issuance of stock Purchase of treasury stock Sale of treasury stock Borrowing on notes payable Repayments of notes payable Payment of dividends Net cash from financing activities
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