Homework Help is Here – Start Your Trial Now!
Business
Accounting
Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method. $ 8,400 Cash balance at prior year-end Increase in wages payable Depreciation expense 340 Gain on sale of equipment Net income Cash received from issuing stock Cash received from sale of equipment Cash paid for dividends Increase in prepaid expenses Decrease in accounts receivable. Cash flows from operating activities 840 440 5,000 2,000 2,300 240 Statement of Cash Flows (Indirect Method) Current Year Ended December 31 Changes in current operating assets and liabilities 1,400 640 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method. $ 8,400 Cash balance at prior year-end Increase in wages payable Depreciation expense 340 Gain on sale of equipment Net income Cash received from issuing stock Cash received from sale of equipment Cash paid for dividends Increase in prepaid expenses Decrease in accounts receivable. Cash flows from operating activities 840 440 5,000 2,000 2,300 240 Statement of Cash Flows (Indirect Method) Current Year Ended December 31 Changes in current operating assets and liabilities 1,400 640 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method. Cash balance at prior year-end Increase in wages payable Depreciation expense Gain on sale of equipment Net income Cash received from issuing stock Cash received from sale of equipment Cash paid for dividends Increase in prepaid expenses Decrease in accounts receivable Cash flows from operating activities $ 8,400 340 840 440 5,000 2,000 2,300 240 Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities 1,400 640 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash
Transcribed Image Text:Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method. Cash balance at prior year-end Increase in wages payable Depreciation expense Gain on sale of equipment Net income Cash received from issuing stock Cash received from sale of equipment Cash paid for dividends Increase in prepaid expenses Decrease in accounts receivable Cash flows from operating activities $ 8,400 340 840 440 5,000 2,000 2,300 240 Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities 1,400 640 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash
ash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash For Current Year Ended December 31 Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities $ 0 0 0 0
Transcribed Image Text:ash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash For Current Year Ended December 31 Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities $ 0 0 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS