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The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, 20Y7 Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Assets Dec. 31, 20Y8 $54,530 83,790 119,700 4,880 $66.620 89,810 111,300 3,370

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, 20Y7 Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Assets Dec. 31, 20Y8 $54,530 83,790 119,700 4,880 $66.620 89,810 111,300 3,370

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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The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity $54,530 83,790 119,700 4,880 243,840 (63,400) $443,340 $93,100 0 $66,620 Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders' equity Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2018 are as follows: a. Net income, $161,870. b. Depreciation reported on the income statement, $31,040. c. Equipment was purchased at a cost of $60,960, and fully depreciated equipment costing $16,550 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 5,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid, $98,640. 14,000 194,000 142,240 $443,340 89,810 111,300 3,370 199,430 (48,910) $421,620 $88,120 126,490 9,000 119,000 79,010 $421,620
Transcribed Image Text:The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity $54,530 83,790 119,700 4,880 243,840 (63,400) $443,340 $93,100 0 $66,620 Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders' equity Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2018 are as follows: a. Net income, $161,870. b. Depreciation reported on the income statement, $31,040. c. Equipment was purchased at a cost of $60,960, and fully depreciated equipment costing $16,550 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 5,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid, $98,640. 14,000 194,000 142,240 $443,340 89,810 111,300 3,370 199,430 (48,910) $421,620 $88,120 126,490 9,000 119,000 79,010 $421,620
Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year
Transcribed Image Text:Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year
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