Statement of Cash FlowsThe comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec. 31,Dec. 31,20Y920Y8CashAccounts receivable (net)InventoriesInvestmentsLandAssetsEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Stockholders' EquityAccounts payableAccrued expenses payableDividends payableCommon stock, $10 parExcess of paid-in capital over parRetained earningsTotal liabilities and stockholders' equity$273,40099,040279,5900143,400308,470(72,220)$1,031,680$186,73018,57010,32055,710209,430550,920$1,031,680$256,37092,080272,620105,6200241,030(65,000)$902,720$177,84023,4708,12044,230122,770526,290$902,720Additional 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 $95,060 cash.d. The common stock was issued for cash.e. There was a $67,060 credit to Retained Earnings for net income.f. There was a $42,430 debit to Retained Earnings for cash dividends declared. 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.Merrick Equipment Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y9Cash flows from (used for) operating activities:Net incom ✓Adjustments to reconcile net income to net cash flows from (used for) operating activities:Depreciatic✓Loss on sale of inves✔ ✔Changes in current operating assets and liabilities:Increase in accounts re ✓Increase in inventIncrease in accounts ✔Decrease in accrued expens ✓ ✓Net cash flows from operating activitiesCash flows from (used for) investing activities:Cash received from sale of ir ✔ ✔Cash paid for purchase✔Cash paid for purchase of ✔ ✔Net cash flows used for investing activitiesCash flows from (used for) financing activities:Cash received from issuing col✔ ✔Cash dividen ✓Net cash flows from financing activitiesNet increase in ✓Cash balance, January 1, 20Y9Cash balance, December 31, 20Y967,060 ✔95,060 ✔-143,40 ✔10000

Answer - Cash flow Statement - The cash flow statement also known as the statement of cash flows…

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y8 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity Dec. 31, 20Y9 $273,400 99,040 279,590 0 143,400 308,470 (72,220) $1,031,680 $186,730 18,570 10,320 55,710 209,430 550,920 $1,031,680 $256,370 92,080 272,620 105,620 0 241,030 (65,000) $902,720 $177,840 23,470 8,120 44,230 122,770 526,290 $902,720 Additional 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 $95,060 cash. d. The common stock was issued for cash. e. There was a $67,060 credit to Retained Earnings for net income. f. There was a $42,430 debit to Retained Earnings for cash dividends declared.

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y8 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity Dec. 31, 20Y9 $273,400 99,040 279,590 0 143,400 308,470 (72,220) $1,031,680 $186,730 18,570 10,320 55,710 209,430 550,920 $1,031,680 $256,370 92,080 272,620 105,620 0 241,030 (65,000) $902,720 $177,840 23,470 8,120 44,230 122,770 526,290 $902,720 Additional 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 $95,060 cash. d. The common stock was issued for cash. e. There was a $67,060 credit to Retained Earnings for net income. f. There was a $42,430 debit to Retained Earnings for cash dividends declared.

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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