Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deductedshould be indicated with a minus sign.)XS SUPPLY COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:$11,700Adjustments to Reconcile Net Income to Net CashProvided by Operating Activities:11,700Cash Flows from Investing Activities:Cash Flows from Financing Activities:$ XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for thestatement of cash flows. The completed comparative balance sheets and income statement are summarized:Current YearPrevious YearBalance Sheet at December 31$ 34,00035,00041,000121,000Cash$ 29,000Accounts Receivable28,000InventoryEquipmentAccumulated Depreciation-Equipment38,000100,000(25,000)$170,000$ 27,0001,40044,00072,600(30,000)$201,000Total Assets$ 36,000Accounts PayableSalaries and Wages PayableNote Payable (1long-term)1,20038,00088,60037,200Common StockRetained Earnings25,000Total Liabilities and Stockholders' Equity$201,000$170,000Income StatementSales Revenue$120,00070,000Cost of Goods SoldOther Expenses37,800Net Income$ 12,200Additional Data:a. Bought equipment for cash, $21,000.b. Paid $6,000 on the long-term note payable.c. Issued new shares of stock for $16,000 cash.d. No dividends were declared or paid.e. Other expenses included depreciation, $5,000; salaries and wages, $20,000; taxes, $6,000; utilities, $6,800.f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes orother expenses, assume that these expenses were fully paid in cash.

Name: Required:1. Prepare the statement of cash flows for the current year
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Description: Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deductedshould be indicated with a minus sign.)XS SUPPLY COMPANYStatement of Cash FlowsFor the Year Ended December 31Cas

Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

Business

Accounting

Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: 11,700 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 11,700 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: 11,700 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 11,700 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

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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The following information is available from the current period financial statements: Net income $ 141,238 Depreciation expense $36,864 Increase in accounts receivable $15,924 Decrease in accounts payable $23,055 The net cash flow from operating activities using the indirect method is a.$217,081 b.$139,123 c.$111,505 d.$88,450
Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
Net Cash Provided by Operating Activities Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Required: Prepare an answer sheet using the following column headings: For each item, place an X in the Add or Subtract column to indicate whether the dollar amount should be added to or subtracted from net income under the indirect method when computing the net cash provided by operating activities for the year.
If Accounts receivable increase by R.O.100,000. Income reported the income statement for the year was R.O.2,800,000. Excluding of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is Select one: a. R.O.3,500,000b. R.O.2,800,000 c R.O.2,700,000 d. R.O.2,900,000
Use the following information of VPI Company to prepare a statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends Cash flows from operating activities VPI COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities $43,600 8,600 7,600 11,600 4,600 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Cash flows from investing activities Gain on sale of machinery Cash received from sale of machinery Increase in accounts payable Net income Decrease in accounts receivable Cash flows from financing activities $ 2,900 11,300 3,300 59,000 6,600
Please prepare a CashFlow Statement
Sales Cost of goods sold Depreciation Other operating expenses Income tax Loss on sale of equipment Gain on sale of investment Net earnings and comprehensive income As at December 31 Cash Accounts receivable Inventory Equipment Less: accumulated depreciation Investment Total Accounts payable Income tax payable Bonds payable Common shares Retained earnings Total $193,800 25,400 76,100 43,800 3,000 (2,300) 20X2 $ 69,300 89,600 187,700 556,300 (231, 200) 54,700 $ 726,400 $ $510,000 339,800 $170, 200 20X1 $ 55,200 102, 600 175,400 475,400 (229,100) 79,000 $ 658,500 62,000 10,000 45,700 307, 200 301,500 $ 726,400 $ 658,500 $ 104,100 7,000 307, 200 240, 200 Additional information: During the year, equipment with an original cost of $99,800 was sold for cash.
Asap The following information is available from the current period financial statements: Net income $126,307 Depreciation expense 23,648 Increase in accounts receivable 16,473 Decrease in accounts payable (19,595) The net cash flows from operating activities using the indirect method is a.$126,307 b.$113,887 c.$66,591 d.$186,023
Very important please be correct thank you
The following information is available from the current period financial statements: Net income $ 120,206 Depreciation expense $31,199 Increase in accounts receivable $16,040 Decrease in accounts payable $24,041 The net cash flow from operating activities using the indirect method is a.$97,008 b.$191,486 c.$111,324 d.$72,967
The following information is available from the current period financial statements: Net income $ 144,682 Depreciation expense $30,263 Increase in accounts receivable $15,664 Decrease in accounts payable $22,233 The net cash flow from operating activities using the indirect method is
Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)