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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
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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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: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?
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
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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