Problem 11-2A Classify items and prepare the statement of cash flows (LO11-1, 11-3, 11-4, 11-5)Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows(indirect method) for ATM Software Developers. All amounts are in thousands (000s).ATM SOFTWARE DEVELOPERSStatement of Cash FlowsFor the year ended December 31, 2021Cash Flows from Operating ActivitiesNet incomeAdjustments to reconcile net income to net cash flows from operatingactivities:Net cash flows from operating activitiesCash Flows from Investing ActivitiesNet cash flows from investing activitiesCash Flows from Financing ActivitiesNet cash flows from financing activitiesNet increase (decrease) in cashCash at the beginning of the period$1,9657,985Cash at the end of the period$ 9,950Listed below in random order are line items to be Included in the statement of cash flows.$ 8,50012,7005,3903,9401,68516,12039,4901,400Cash received from the sale of land (no gain or loss)Issuance of common stockDepreciation expenseIncrease in accounts receivableDecrease in accounts payableIssuance of long-term notes payablePurchase of equipmentDecrease in inventoryDecrease in prepaid rentPayment of dividendsNet incomePurchase of treasury stock8306,22010,9002,540 Requlred:Prepare the statement of cash flows for ATM Software Developers using the indirect method. (List cash outflows and any decrease Incash as negative amounts. Enter your answers In thousands (I.e., 10,000,000 should be entered as 10,000).)ATM SOFTWARE DEVELOPERSStatement of Cash FlowsFor the Year Ended December 31, 2021Cash Flows from Operating ActivitiesAdjustments to reconcile net income to net cash flows from operating activitiesNet cash flows from operating activitiesCash Flows from Investing ActivitiesNet cash flows from investing activitiesCash Flows from Financing ActivitiesNet cash flows from financing activitiesCash at the beginning of the periodCash at the end of the period

Solution: Statement of cash flows are as under:

Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers. All amounts are in thousands (000s). ATM SOFTWARE DEVELOPERS Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period $ 1,965 7,985 $ 9,950 Cash at the end of the period Listed below in random order are line items to be included in the statement of cash flows. Cash received from the sale of land (no gain or loss) Issuance of common stock $ 8,500 12,700 5,390 3,940 1,685 16,120 39,490 1,400 Depreciation expense Increase in accounts receivable Decrease in accounts payable Issuance of long-term notes payable Purchase of equipment Decrease in inventory Decrease in prepaid rent Payment of dividends Net income Purchase of treasury stock 830 6,220 10,900 2,540

Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers. All amounts are in thousands (000s). ATM SOFTWARE DEVELOPERS Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period $ 1,965 7,985 $ 9,950 Cash at the end of the period Listed below in random order are line items to be included in the statement of cash flows. Cash received from the sale of land (no gain or loss) Issuance of common stock $ 8,500 12,700 5,390 3,940 1,685 16,120 39,490 1,400 Depreciation expense Increase in accounts receivable Decrease in accounts payable Issuance of long-term notes payable Purchase of equipment Decrease in inventory Decrease in prepaid rent Payment of dividends Net income Purchase of treasury stock 830 6,220 10,900 2,540

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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Part 1 of 4 Points: 0 of 10 Accountants for Morston, Inc. have assembled the following data for the year ended December 31, 2024: (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Prepare Morston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not use leave the box empty, do not select a label or enter a zero.) Morston, Inc. - Data table Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: 2024 2023 Net Income Adjustments to Reconcile Net Income to Net Cash $ 103,700 $ Provided by (Used for) Operating Activities: 64,400 86,000 57,700 14,400 Net Cash Provided by (Used for) Operating Activities Data table Transaction Data for 2024:…
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ory Bookmarks Profiles Tab YouTube Mc Graw Hill ation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252FI... Classes N Netflix Dashboard EDU 1011 (2019-F... G Annotated Bibliog... 1 Required information [The following information applies to the questions displayed below.] 10 Q A Expenses prior years follow. Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and S (2 LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 2 2 At December 31 Accounts receivable Inventory Accounts payable Salaries payable SOF Utilities payable Prepaid insurance Prepaid rent W S # Window Help 3 LANSING COMPANY Selected Balance Sheet Accounts 20 F3 □ (20 (2 E D $ 4 $ 127,200 Current Year $ 6,600 2,980 5,400 1,080 OOD DOD F4 52,000 17,000 28,000 10,000 R 4,800…
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