Required: Prepare the worksheet entry that would be made to prepare a cash flow statement for each of the numbered line items. For example the worksheet entry for item (1) is as follows: Cash (Operations-Net income) $1,161,442 Retained earnings $1,161,442
Required: Prepare the worksheet entry that would be made to prepare a cash flow statement for each of the numbered line items. For example the worksheet entry for item (1) is as follows: Cash (Operations-Net income) $1,161,442 Retained earnings $1,161,442
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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N3.
Account
Transcribed Image Text:Required:
Prepare the worksheet entry that would be made to prepare a cash flow statement for each of the numbered line items. For example
the worksheet entry for item (1) is as follows:
Cash (Operations-Net income) $1,161,442
Retained earnings
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
$1,161,442
Transcribed Image Text:K
ces
statement of cash flows for Friendly Markets, Inc., for 2017 appears below.
Operations
(1) Net income
Adjustments for noncash transactions:
(2) Depreciation and amortization
(3) Retirement contributions paid in common stock
(4) Deferred income taxes
(5) Loss on disposal of property, plant, and equipment
(6) Loss on sale of investments
(7) Net amortization of investments
Change in operating assets/liabilities providing (requiring) cash:
(8) Trade receivables
(9) Merchandise inventories
(10) Prepaid expenses
(11) Accounts payable and accrued expenses
(12) Self-insurance reserves
(13) Federal and state income taxes
(14) Other noncurrent liabilities
Net cash provided by operating activities
Investing
(15) Payment for property, plant, and equipment
(16) Proceeds from sale of property, plant, and equipment
(17) Payment for investments
(18) Proceeds from sale of investments
Net cash used in investing activities
Financing
(19) Payment for acquisition of common stock.
(20) Proceeds from sale of common stock
(21) Dividends paid.
(22) Other, net
Net cash used in financing activities
Net increase in cash
Cash at beginning of year
$ 1,161,442
496, 106
256,110
27,018
32,482
6,801
15,625
(140,082)
2,302
(5,825)
103,014
(14,381)
33,186
24,434
1,998,232
(693,489)
4,150
(1,133,449)
777,381
(1,045,407)
(629,453)
152,096
(325,295)
18,530
(784,122)
168,703
201,813
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