Question 4 Use the following information to prepare a cash flow statement for Rage Inc. for the calendar year 2022 using the indirect method. Be sure to prepare a schedule for any noncash items for disclosure, if appropriate. (a) Net loss $6,000 (depreciation expense, 8,000; inventory increase, $2,000; no changes in accounts receivable or accounts payable). (b) Issued shares for $60,000 of equipment. (c) Sold equipment for $12,000, book value $12,000. (d) Paid cash dividend, $5,000 (declared in prior year). Paid long-term debt principal, $2,000 and short-term debt principal, $5,000. (e) (1) Purchased equipment for $42,000 in exchange for a note payable all of which was due to be paid at the end of two years. (g) The cash balance on January 1, 2022 was $8,000.

Question 4 Use the following information to prepare a cash flow statement for Rage Inc. for the calendar year 2022 using the indirect method. Be sure to prepare a schedule for any noncash items for disclosure, if appropriate. (a) Net loss $6,000 (depreciation expense, 8,000; inventory increase, $2,000; no changes in accounts receivable or accounts payable). (b) Issued shares for $60,000 of equipment. (c) Sold equipment for $12,000, book value $12,000. (d) Paid cash dividend, $5,000 (declared in prior year). Paid long-term debt principal, $2,000 and short-term debt principal, $5,000. (e) (1) Purchased equipment for $42,000 in exchange for a note payable all of which was due to be paid at the end of two years. (g) The cash balance on January 1, 2022 was $8,000.

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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