A v2.cengagenow.comChapter 17 - ACC-101-052W_2021SPCengageNOW2 | Online teaching and learning resource from Cengage LearrChapter 16eBookShow Me Howf. There was a $39,680 deblt to Retalned Earnings for cash dividends dedared.Required:Prepare a statement of cash flows, using the Indirect methodpresenting cash flows from (used for) operatng activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments.Merrick Equlpment Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y9Cash flows from (used for) operating activities:Adjustments to reconcle net Income to net cash flows from (used for) operating activitles:Changes In current operating assets and llablitles:Net cash flows from operating activitiesCash flows from (used for) Investing activities:Net cash flows used for investing activitiesCash flows from (used for) financing activities:Net cash flows from financing activitiesCash balance, January 1, 20Y9Cash balance, December 31, 20Y9Check My Work 3 more Check My Work uses remaining.O 00 0000 Q0d 00 A v2.cengagenow.com口CengageNOWv2| Online teaching and learning resource from CChapter 17 - ACC-101-052W_2021SPChapter 16Assets$256,570$239,760Cash92,94086,110Accounts receivable (net)262,370254,970Inventories98,780Investments134,580Land289,480225,410Equipment(67,770)(60,790)Accumulated depreciation-equipment$968,170$844,240Total assetsLiabilities and Stockholders' Equity$175,240$166,320Accounts payable17,43021,950Accrued expenses payable9,6807,600Dividends payable52,28041,370Common stock, $10 par196,540114,820Excess of paid-in capital over par517,000492,180Retained earnings$968,170$844,240Total liabilities and stockholders' equityAdditional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:a. Equipment and land were acquired for cash.b. There were no disposals of equipment during the year.C. The investments were sold for $88,900 cash.d. The common stock was issued for cash.e. There was a $64,500 credit to Retained Earnings for net income.f. There was a $39,680 debit to Retained Earnings for cash dividends declared.Check My Work 3 more Check My Work uses remaining.( PreviousNextAssignment Score: 36.43%All wo Email InstructorSave and ExitSubmit Assignment for Gra

Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…

Required: Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) operating activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments. Merrick Equlpment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcle net Income to net cash flows from (used for) operating activitles: Changes in current operating assets and llablities: Net cash flows from operating activities Cash flows from (used for) Investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities ash balance, January 1, 20Y9 ash balance, December 31, 20Y9

Required: Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) operating activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments. Merrick Equlpment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcle net Income to net cash flows from (used for) operating activitles: Changes in current operating assets and llablities: Net cash flows from operating activities Cash flows from (used for) Investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities ash balance, January 1, 20Y9 ash balance, December 31, 20Y9

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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On an indirect method statement of cash flows, an increase in accounts payable isa. deducted from net income in the operating activities section.b. reported in the financing activities section.c. added to net income in the operating activities section.d. reported in the investing activities section.
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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.)
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Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 178,000 $ 122,400 Accounts receivable 104,000 85,000 Inventory 622,000 540,000 Total current assets 904,000 747,400 Equipment 372,700 313,000 Accumulated depreciation—Equipment (165,000) (111,000) Total assets $ 1,111,700 $ 949,400 Liabilities and Equity…
abels and Amount Descriptions Instructions Labels Dec. 31, Dec. 31, December 31, 20Y3 20Y3 20Y2 For the Year Ended December 31, 20Y3 Amount Descriptions Assets 3 Cash $625,680.00 $586,230.00 Cash received from sale of investments 228,100.00 208,850.00 4 Accounts receivable (net) 5 Inventories Cash paid for purchase of land Cash paid for purchase of equipment Cash received from issuing common 640,910.00 617,650.00 0.00 240,620.00 6 Investments 7 Land 328,090.00 0,00 stock 704,540.00 553,320.00 8 Equipment 9 Accumulated depreciation-equipment Cash dividends (166,310.00) (147840.00) Decrease in accounts payable Decreașe in accounts receivable Decrease in accrued expenses payable 10 Total assets $2,361,010.00 $2,058,830.00 11 Liabilities and Stockholders' Equity $425,280.00 $404,550.00 52,020.00 12 Accounts payable Decrease in inventories 41,990.00 13 Accrued expenses payable Depreciation 24,190.00 20,170.00 14 Dividends payablie Gain on sale of investments 15 Common stock, $4 par…
Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 2020 $ 94,900 96,500 84,800 6,500 282,700 145,000 (37,500) $ 390,200 $ 65,000 72,000 118,000 9,600 264,600 136,000 (19,500) $ 381,100 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 46,000 8,100 5,500 59,600 51,000 110,600 $ 61,500 19,200 8,000 88,700 81,000 169,700 262,000 17,600 181,000 30,400 $ 381,100 Total liabilities and equity $ 390,200 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 $…
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Whitman Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y2