Please do not give solution in image format thanku Problem 12-18A (Algo) Using financial statements to prepare a statement of cash flows-indirectmethod LO 12-1, 12-3, 12-4The comparative balance sheets and income statements for Gypsy Company follow.Balance SheetsAs of December 31AssetsCashAccounts receivable.InventoryEquipmentAccumulated depreciation-equipmentLandTotal assetsLiabilities and equityAccounts payable (inventory)Long-term debt.Common stockRetained earningsTotal liabilities and equityIncome StatementFor the Year Ended December 31, Year 2Sales revenueCost of goods soldGross marginDepreciation expenseOperating incomeGain on sale of equipmentLoss on disposal of landIncome StatementFor the Year Ended December 31, Year 2Sales revenueCost of goods sold.Gross marginDepreciation expenseOperating incomeGain on sale of equipmentLoss on disposal of landNet income$34,320(13,603)20,717(3,417)17,300750(90)$34,320(13,603)20,717(3,417)17,300750(90)$17,960Year 2$24,7781,6326,27423,247(10,999)16,990$61,922$2,5042,86520,10036,453$61,922Year 1$2,7119795,88244,987(17,972)10,480$47,867$4,0456,5499,00027,473$47,067Additional Data1. During Year 2, the company sold equipment for $18,960; it had originally cost $28,600. Accumulated depreciation on thisequipment was $10,390 at the time of the sale. Also, the company purchased equipment for $6,860 cash.2. The company sold land that had cost $4,590. This land was sold for $4,500, resulting in the recognition of a $90 loss. Also,common stock was issued in exchange for title to land that was valued at $11,100 at the time of exchange.3. Paid dividends of $8,980. Cash flows from operating activities:Less: Increases in current assets and decreases in current liabilities:Plus: Noncash chargesCash flows from investing activities:Statement of Cash FlowsFor the Year Ended December 31, Year 2Cash flows from financing activities:Ending cash balanceSchedule of noncash investing and financing activities:$$00000

In this question, we need to prepare the statement of cash flows using indirect method for the year…

The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity Income Statement For the Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land $34,320 (13,603) 20,717 (3,417) 17,300 750 (90) Year 2 $24,778 1,632 6,274 23,247 (10,999) 16,990 $61,922 $2,504 2,865 20,100 36,453 $61,922 Year 1 $2,711 979 5,882 44,987 (17,972) 10,480 $47,067 $4,045 6,549 9,000 27,473 $47,067

The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity Income Statement For the Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land $34,320 (13,603) 20,717 (3,417) 17,300 750 (90) Year 2 $24,778 1,632 6,274 23,247 (10,999) 16,990 $61,922 $2,504 2,865 20,100 36,453 $61,922 Year 1 $2,711 979 5,882 44,987 (17,972) 10,480 $47,067 $4,045 6,549 9,000 27,473 $47,067

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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