The following information was obtained from Galena Company's Comparative Balance Sheets. Assume Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of $60,000. In addition, the Long Term investment account changed due to a sale that resulted in an $11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash flow statement under the Indirect Method. Мaу 31, 2020 Мaу 31, 2019 Cash.. .$19,000 $10,000 Accounts Receivable... $45,000 $35,000 Inventory.. „$55,000 $49,000 Prepaid Rent. $9,000 $7,000 Long Term Investments.. „$20,000 $34,000 PPE. „$150,000 $107,000 Accumulated Depreciation. $42,000 $33,000 Accounts Payable.. .$26,000 $20,000 Income Tax Payable. $4,000 $6,000 Common Stock.. $92,000 $92,000 Retained Earnings. .$134,000 $91,000

The following information was obtained from Galena Company's Comparative Balance Sheets. Assume Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of $60,000. In addition, the Long Term investment account changed due to a sale that resulted in an $11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash flow statement under the Indirect Method. Мaу 31, 2020 Мaу 31, 2019 Cash.. .$19,000 $10,000 Accounts Receivable... $45,000 $35,000 Inventory.. „$55,000 $49,000 Prepaid Rent. $9,000 $7,000 Long Term Investments.. „$20,000 $34,000 PPE. „$150,000 $107,000 Accumulated Depreciation. $42,000 $33,000 Accounts Payable.. .$26,000 $20,000 Income Tax Payable. $4,000 $6,000 Common Stock.. $92,000 $92,000 Retained Earnings. .$134,000 $91,000

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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