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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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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: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 $235,200 2) Depreciation expense was recorded 3)-Land-was soldratits"originalcost.- No other assets were sold 4) Cash dividends were paid 5) Equipment was purchased for cash REQUIRED: A) Prepared a formal Statement of Cash Flows for 2019 uste TOA poia
Format for the Statement of Cash Flows SAMPLE COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Cash Flow from Operating Activities (Details of cash flow from operating activities) Cash provided (used) by operating activities Cash Flow from Investing Activities (Details of investing cash inflows and outflows). Cash provided (used) by investing activities. Cash Flow from Financing Activities (Details of financing cash inflows and outflows). Cash provided (used) by financing activities. Net increase (decrease) in cash. Cash at beginning of year. ###$ ###$ ### ... .. ### .. .. ### .. ### ... ### ### 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 $35,000
Transcribed Image Text:Format for the Statement of Cash Flows SAMPLE COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Cash Flow from Operating Activities (Details of cash flow from operating activities) Cash provided (used) by operating activities Cash Flow from Investing Activities (Details of investing cash inflows and outflows). Cash provided (used) by investing activities. Cash Flow from Financing Activities (Details of financing cash inflows and outflows). Cash provided (used) by financing activities. Net increase (decrease) in cash. Cash at beginning of year. ###$ ###$ ### ... .. ### .. .. ### .. ### ... ### ### 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
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