Please use the 2nd pic for proper form
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please use the 2nd pic for proper form

Transcribed Image Text:Selected financial info for Strand Corp is below:
2019
2018
$63,000 $42,000
$151,200 $84,000
$201,600 $168,000
$21,000 $58,800
$789,600 $504,000
($115,600) ($84,000)
$1,110,800 $772,800
Cash
Accounts receivable (net)
Inventory
Land
Equipment
Accumulated depreciation
TOTAL
Accounts payable
$86,000 $50,400
$29,400 $67,200
$4302,400 $168,000
$487,200 $420,000
$205,800
Notes payable- current
Notes payable- non-current
Common stock
Retained earnings
$67,200
$1,110,800 $772,800
TOTAL
Additional info for 2019:
1) Net Income was $235,200
2) Depreciation expense was recorded
3)-Land-was soldratits"originalcost.- No other assets were sold
4) Cash dividends were paid
5) Equipment was purchased for cash
REQUIRED:
A) Prepared a formal Statement of Cash Flows for 2019
uste
TOA poia

Transcribed Image Text:Format for the Statement of Cash Flows
SAMPLE COMPANY
Statement of Cash Flows
For Year Ended December 31, 2019
Cash Flow from Operating Activities
(Details of cash flow from operating activities)
Cash provided (used) by operating activities
Cash Flow from Investing Activities
(Details of investing cash inflows and outflows).
Cash provided (used) by investing activities.
Cash Flow from Financing Activities
(Details of financing cash inflows and outflows).
Cash provided (used) by financing activities.
Net increase (decrease) in cash.
Cash at beginning of year.
###$
###$
###
... ..
###
.. ..
###
..
###
...
###
###
Cash at end of year
###$
Statement of Cash Flows-The Indirect Method
...
BENNETT COMPANY
Statement of Cash Flows
For Year Ended December 31, 2019
Cash Flow from Operating Activities
Net income
Add (deduct) items to convert net income to cash basis
Depreciation
Gain on sale of plant assets
Accounts receivable increase
000'0
...
000 g
(13,000)
Inventory decrease
Prepaid insurance increase.
Accounts payable decrease
Income tax payable increase.
...
000'
$15,000
... .
Cash provided by operating activities
Cash Flow from Investing Activities
Purchase of long-term investments
Sale of plant assets.
Purchase of patent
Cash used by investing activities
Cash Flow from Financing Activities
Issuance of common stock
Payment of dividends
Cash provided by financing activities
...
...
Net increase in cash
Cash at beginning of year.
Cash at end of year
$35,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education