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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.

Transcribed Image Text:Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The company
bought equipment costing $60 and obtained a long-term bank loan for $70. The company's comparative balance sheet, at December
31, 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 financing
activities (+ 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?

Transcribed Image Text:Complete this question by entering your answers in the tabs below.
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
Inventory
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
< Required 1
$
$
$
50
515
10
455
1,030
Change
Required 2 >
Cash
Type
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