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The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable. Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D-Decrease; I Increase. Sales Cost of goods sold Gross margin: Selling and administrative expenses Net operating income Nonoperating items: Long-term investments that cost the company $28 were sold during the year for $60 and land that cost $59 was sold for $31. In addition, the company declared and paid $25 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: ▷ Loss on sale of land $ 270 $ 311 $720 $ 26 1 $28 D $ 500 1 $ 103 1 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: the company's income statement for the year follows: Loss on sale of land. Gain on sale of investments Income before taxes Income taxes Net Income $ (28) Liabilities and Stockholders Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ (28) 32 $1,250 544 686 490 196 $ 1,230 544 686 490 196 4 200 72 $ 128 $83 T $310 $36 1 $ 260 1 $ 124 D $ 103 1 The company's beginning cash balance was $142 and its ending balance was $115. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. C

The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable. Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D-Decrease; I Increase. Sales Cost of goods sold Gross margin: Selling and administrative expenses Net operating income Nonoperating items: Long-term investments that cost the company $28 were sold during the year for $60 and land that cost $59 was sold for $31. In addition, the company declared and paid $25 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: ▷ Loss on sale of land $ 270 $ 311 $720 $ 26 1 $28 D $ 500 1 $ 103 1 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: the company's income statement for the year follows: Loss on sale of land. Gain on sale of investments Income before taxes Income taxes Net Income $ (28) Liabilities and Stockholders Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ (28) 32 $1,250 544 686 490 196 $ 1,230 544 686 490 196 4 200 72 $ 128 $83 T $310 $36 1 $ 260 1 $ 124 D $ 103 1 The company's beginning cash balance was $142 and its ending balance was $115. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. C

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 1 Required 2 Use the indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) Operating activities: Investing activities: Financing activities: Pavolik Company Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents D
Transcribed Image Text:Required 1 Required 2 Use the indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) Operating activities: Investing activities: Financing activities: Pavolik Company Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents D
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D=Decrease; I=Increase. Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Long-term investments that cost the company $28 were sold during the year for $60 and land that cost $59 was sold for $31. In addition, the company declared and paid $25 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: 4 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income the company's income statement for the year follows: Nonoperating items: $ 270 $ 311 $ 720 $26 1 Loss on sale of land i Gain on sale of investments Income before taxes i Income taxes Net income. $ 280 $.500 I $ 103 I $ (28) Required 1 Required 2 Liabilities and Stockholders' Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ (28) 32 $ 1,230 544 686 490 196 $ 1,230 544 686 490 196 1244/ 200 72 $ 128 The company's beginning cash balance was $142 and its ending balance was $115. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. 4 Complete this question by entering your answers in the tabs below. $ 83 1 $ 31 D $.36 I $ 260 I $ 124 D $ 103 1 Chec
Transcribed Image Text:The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D=Decrease; I=Increase. Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Long-term investments that cost the company $28 were sold during the year for $60 and land that cost $59 was sold for $31. In addition, the company declared and paid $25 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: 4 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income the company's income statement for the year follows: Nonoperating items: $ 270 $ 311 $ 720 $26 1 Loss on sale of land i Gain on sale of investments Income before taxes i Income taxes Net income. $ 280 $.500 I $ 103 I $ (28) Required 1 Required 2 Liabilities and Stockholders' Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ (28) 32 $ 1,230 544 686 490 196 $ 1,230 544 686 490 196 1244/ 200 72 $ 128 The company's beginning cash balance was $142 and its ending balance was $115. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. 4 Complete this question by entering your answers in the tabs below. $ 83 1 $ 31 D $.36 I $ 260 I $ 124 D $ 103 1 Chec
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