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.Orange Angel Enterprises Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y8Cash flows from (used for) operating activities:Net incomeAdjustments to reconcile net income to net cash flows from (used for) operating activities:DepreciationChanges in current operating assets and liabilities:Decrease in accounts receivableIncrease in merchandise inventoryIncrease in prepaid expensesIncrease in accounts payableNet cash flows from operating activitiesCash flows from (used for) investing activities:Cash paid for equipmentNet cash flows used for investing activitiesCash flows from (used for) financing activities:Cash received from issuing common stockCash dividendsCash paid to retire mortgage note payableNet cash flows from financing activitiesNet decrease in cashCash balance, January 1, 20Y8Cash balance, December 31, 20Y80000 0 000000 Statement of Cash FlowsThe comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:Dec. 31,Dec. 31,20Y820Y7CashAccounts receivable (net)Merchandise inventoryAssetsPrepaid expensesEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Stockholders' EquityAccounts payable (merchandise creditors)Mortgage note payableCommon stock, $1 parExcess of paid-in capital over parRetained earningsTotal liabilities and stockholders' equity$53,650$66,10082,44089,100117,780110,4404,8003,350239,920197,870(62,380)(48,530)$436,210 $418,330$91,600014,000203,000127,610$436,210$87,430125,5009,000118,00078,400$418,330Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:a. Net income, $125,980.b. Depreciation reported on the income statement, $30,270.c. Equipment was purchased at a cost of $58,470, and fully depreciated equipment costing $16,420 was discarded, with no salvage realized.d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.e. 5,000 shares of common stock were issued at $18 for cash.f. Cash dividends declared and paid, $76,770.

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Description: 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.Orange Angel Ente

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Prepare 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 Orange Angel Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income ✓ Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation ✓ Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in merchandise inventory Increase in prepaid expenses Increase in accounts payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock Cash dividends Cash paid to retire mortgage note payable Net cash flows from financing activities Net decrease in cash Cash balance, January 1, 2018 Cash balance, December 31, 20Y8 1000 10 0000 0000

Prepare 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 Orange Angel Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income ✓ Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation ✓ Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in merchandise inventory Increase in prepaid expenses Increase in accounts payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock Cash dividends Cash paid to retire mortgage note payable Net cash flows from financing activities Net decrease in cash Cash balance, January 1, 2018 Cash balance, December 31, 20Y8 1000 10 0000 0000

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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