Create statement of cash flows for year ended December 31 2018 and notes for indirect method. 3940414243Notes for Indirect Method4546 Increase in Accounts Receivable=DDecrease in Cash4744Decrease in Accounts Receivable=Increase in Cash48Increase in Inventories=Decrease in CashDecrease in Inventories=Increase in Cash495051Increase in Accounts Payable=Increase in Cash5253 Decrease in Accounts Payable=Decrease in Cash5455 Increase in Wages Payable=Increase in CashDecrease in Wages Payable=Decrease in Cash5657Increase in Taxes Payable=Increase in CashDecrease in Taxes Payable%=Decrease in Cash6061585962Sheet1Sheet2Sheet3 l Tevenues listed together and all expenses listedtogether,3. Prepare CRC% balance sheet at December 31, 2018.Prepare CRC% statement of cash flows using the indirect method for the yearended December 31, 2018.4.Learning Objective 2Accountants for Benson, Inc. have assembled the following data for the year endedDecember 31, 2018:Net Cash Prov, by Op.Act. $85,70020182017Current Assets:Cash$ 105, 100$ 18,000Accounts Receivable64,40068,900Merchandise Inventory86,00082,000Current Liabilities:Accounts Payable58,00056,100Income Tax Payable14,70016,900Transaction Data for 2018:Issuance of common stock for cash$ 37,000Payment of notes payable$ 47,100Depreciation expense24,000Payment of cash dividends53,000Purchase of equipment with cash69,000Issuance of notes payable to borrow cash68,000Acquisition of land by issuing long-term notes payable123,000Gain on sale of building4,500Book value of building sold61,000Net income66,000Prepare Benson's statement of cash flows using the indirect method. Include anaccompanying schedule of non-cash investing and financing activities.

A cash flow statement is prepared by the company to record the net amount of cash outflows and…

Plepare CRC% balance sheet at December 31, 2018. *. Prepare CRC statement of cash fows using the indirect method for the year ended December 31, 2018. P14-40B Preparing the statement of cash flows-indirect method Learning Objective 2 Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2018: Net Cash Prov. by Op Act. $85,700 2018 2017 Current Assets: Cash $ 105,100 $ 18,000 Accounts Receivable 64,400 68,900 Merchandise Inventory 86,000 82,000 Current Liabilities: Accounts Payable 58,000 56,100 Income Tax Payable 14,700 16,900 Transaction Data for 2018: Issuance of common stock for cash $ 37,000 Payment of notes payable $ 47,100 Depreciation expense 24,000 Payment of cash dividends 53,000 Purchase of equipment with cash 69,000 Issuance of notes payable to borrow cash 68,000 Acquisition of land by issuing long-term notes payable 123,000 Gain on sale of building 4,500 Book value of building sold 61,000 Net income 66,000 Prepare Benson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.

Plepare CRC% balance sheet at December 31, 2018. *. Prepare CRC statement of cash fows using the indirect method for the year ended December 31, 2018. P14-40B Preparing the statement of cash flows-indirect method Learning Objective 2 Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2018: Net Cash Prov. by Op Act. $85,700 2018 2017 Current Assets: Cash $ 105,100 $ 18,000 Accounts Receivable 64,400 68,900 Merchandise Inventory 86,000 82,000 Current Liabilities: Accounts Payable 58,000 56,100 Income Tax Payable 14,700 16,900 Transaction Data for 2018: Issuance of common stock for cash $ 37,000 Payment of notes payable $ 47,100 Depreciation expense 24,000 Payment of cash dividends 53,000 Purchase of equipment with cash 69,000 Issuance of notes payable to borrow cash 68,000 Acquisition of land by issuing long-term notes payable 123,000 Gain on sale of building 4,500 Book value of building sold 61,000 Net income 66,000 Prepare Benson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Distribution lines on a journal entry are also shown on the Statement of Cash Flows. True or False
How would you prepare a statement of Cash Flows using the following information? Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/Decrease Assets Cash and cash Equivalent $ 51,500.00 $ 45,400.00 $ 6,100.00 Accounts Receivable $ 51,100.00 $ 61,400.00 $ 10,000.00 Inventories $ 61,400.00 $ 51,900.00 $ 9,500.00 Fixed Assets, net $ 160,000.00 $ 110,000.00 $ 50,000.00 Total Assets $ 324,000.00 $ 268,700.00 $ 55,600.00 Liabilities Accounts Payable $ 35,450.00 $ 27,800.00 $ 7,650.00 Accrued liabilities $ 31,000.00 $ 37,550.00 -$ 6,550.00 Long-term notes payable $ 60,000.00 $ 78,540.00 -$ 18,540.00 Stockholders Equity: Common Stock $ 143,050.00 $ 105,110.00 $ 37,940.00 Retained Earnings $ 54,800.00 $ 19,700.00 $…
In addition to the three basic financial statements, which of the following is also a required financial statement? (C17L01) Select one a the Statement of Cash Flows Ob. the "Cash Reconciliation" the "Cash Budget" d. the Statement of Cash eflows and Outflows
Prepare the following financial reports for the month of January 2020: a) Income Statement b) Balance Sheet c) Statement of Financial Position d) Statement of Cash Flows See the tabulation table.
Use the following information from Isthmus Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. What is the net cash flows from operating activities for 2018? Cash Account Receivable Inventory Accounts Payable Salaries Payable Additional information: Net income Depreciation expense $77,600 $45,200 $11,900 $36,000 Dec. 31, 2018 $295,000 45,300 92,200 23,000 1,700 45,200 33,300 Dec. 31, 2017 $259,000 48,700 91,000 26,300 1,500
Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
How does cash flow through the transaction cycle? Discuss briefly. Discuss any relevant subsystem and any time lags that may occur during cash flow.
Prepare the Cash Flow for the year 2021
Please explain how to prepare a statement of cash flows (indirect method) including analyzing tables for a two year period such as : Statement of Cash Flows As of December 31, 2022 and 2021 Please provide an example. Thank you,
The change in cash for the year can be calculated by comparing the balance of cash reported in this year’s and last year’s balance sheet. Why is the statement of cash flows needed?
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Whitman Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y2