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Problem 2-9 (Static) Prepare statement of cash flows (LO2-7) The following summary transactions occurred for Shepa, Incorporated, for the year ended December 31, 2024 Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of steck $475,000 6,000 50,000 30,000 282,000 40,000 228,000 $ 33,000 5,eee 18,000 140,000 25,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity) Note: Amounts to be deducted should be indicated with a minus sign. SHEPA, INCORPORATED Statement of Cash Flows For the year ended December 31, 2024

Problem 2-9 (Static) Prepare statement of cash flows (LO2-7) The following summary transactions occurred for Shepa, Incorporated, for the year ended December 31, 2024 Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of steck $475,000 6,000 50,000 30,000 282,000 40,000 228,000 $ 33,000 5,eee 18,000 140,000 25,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity) Note: Amounts to be deducted should be indicated with a minus sign. SHEPA, INCORPORATED Statement of Cash Flows For the year ended December 31, 2024

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.20MCE
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Problem 2-9 (Static) Prepare statement of cash flows (LO2-7) The following summary transactions occurred for Shepa, Incorporated, for the year ended December 31, 2024 Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of steck $475,000 6,000 50,000 30,000 282,000 40,000 228,000 $ 33,000 5,eee 18,000 140,000 25,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity) Note: Amounts to be deducted should be indicated with a minus sign. SHEPA, INCORPORATED Statement of Cash Flows For the year ended December 31, 2024
Transcribed Image Text:Problem 2-9 (Static) Prepare statement of cash flows (LO2-7) The following summary transactions occurred for Shepa, Incorporated, for the year ended December 31, 2024 Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of steck $475,000 6,000 50,000 30,000 282,000 40,000 228,000 $ 33,000 5,eee 18,000 140,000 25,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity) Note: Amounts to be deducted should be indicated with a minus sign. SHEPA, INCORPORATED Statement of Cash Flows For the year ended December 31, 2024
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