Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The companybought equipment costing $60 and obtained a long-term bank loan for $70. The company's comparative balance sheet, at December31, is presented under Tab 1 below.Required:1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, or financingactivities (+ for increase and – for decrease).2. Prepare a statement of cash flows using the indirect method.6. Are the cash flows typical of a start-up, healthy, or troubled company? Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 6Calculate the change in each balance sheet account and Indicate whether each account relates to operating, Investing, orfinancing activities (+ for increase and for decrease).Note: Select "NE" if there is no effect. Enter all amounts as positive values.CashAccounts ReceivableInventoryEquipmentAccumulated Depreciation-EquipmentTotalSalaries and Wages PayableNotes Payable (long-term)Common StockRetained EarningsTotalPrevious Year Current Year$35 $24075175260135500560(45)(80)8251,030$$$1044510360825< Required 1$$$50515104551,030ChangeRequired 2 >CashType

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Description: Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The companybought equipment cos

Cash Flow Statement - A cash Flow Statement is a financial statement that includes only those…

Business

Accounting

Required 1 Required 2 Required 6 Calculate the change in each balance sheet account and indicate whether each account relates to operating, Investing, or financing activities (+ for Increase and for decrease). Note: Select "NE" if there is no effect. Enter all amounts as positive values. Cash Accounts Receivable nventory Equipment Accumulated Depreciation-Equipment Total Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Previous Year Current Year $ 35 $ 240 75 175 260 135 500 560 (45) (80) 825 1,030 $ $ $ 10 445 10 360 825 $ $ $ 50 515 10 455 1,030 Change Cash Type

Required 1 Required 2 Required 6 Calculate the change in each balance sheet account and indicate whether each account relates to operating, Investing, or financing activities (+ for Increase and for decrease). Note: Select "NE" if there is no effect. Enter all amounts as positive values. Cash Accounts Receivable nventory Equipment Accumulated Depreciation-Equipment Total Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Previous Year Current Year $ 35 $ 240 75 175 260 135 500 560 (45) (80) 825 1,030 $ $ $ 10 445 10 360 825 $ $ $ 50 515 10 455 1,030 Change Cash Type

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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