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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

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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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: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
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
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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