Use the following excerpts from Zowleski Company's financial information. Dec. 31, Dec. 31, 2018 2017 Cash $93,200 $85,000 Accounts Receivable 21,800 22,700 Merchandise Inventory 139,000 131,000 Plant Assets 185,000 155,000 Accumulated Depreciation (25,000) (21,000) Total Assets $414,000 $372,700 Accounts Payable $18,000 $21,000 Notes Payable 135,500 120,000 Common Stock 20,000 20,000 Retained Earnings 240,500 211,700 Total Liabilities and Equity $414,000 $372,700 Additional Information: Net Income for 2018 $28,800 Depreciation Expense for 2018 (Accumulated Depreciation Increase) 4,000 Plant Assets Purchased (Plant Assets Increase), Finance by Note 30,000 Notes Payable Increased by Amount of Plant Assets Purchase 30,000 Notes Payable Decreased by Amount of Principal Note Payments 14,500 Prepare a statement of cash flows (indirect method) for the year 2018. Use the mius sign to indicate cash outflows, a decrease in cash or cash payments. Zowleski Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Cash Flow from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Flow from Operating Activities:

Use the following excerpts from Zowleski Company's financial information. Dec. 31, Dec. 31, 2018 2017 Cash $93,200 $85,000 Accounts Receivable 21,800 22,700 Merchandise Inventory 139,000 131,000 Plant Assets 185,000 155,000 Accumulated Depreciation (25,000) (21,000) Total Assets $414,000 $372,700 Accounts Payable $18,000 $21,000 Notes Payable 135,500 120,000 Common Stock 20,000 20,000 Retained Earnings 240,500 211,700 Total Liabilities and Equity $414,000 $372,700 Additional Information: Net Income for 2018 $28,800 Depreciation Expense for 2018 (Accumulated Depreciation Increase) 4,000 Plant Assets Purchased (Plant Assets Increase), Finance by Note 30,000 Notes Payable Increased by Amount of Plant Assets Purchase 30,000 Notes Payable Decreased by Amount of Principal Note Payments 14,500 Prepare a statement of cash flows (indirect method) for the year 2018. Use the mius sign to indicate cash outflows, a decrease in cash or cash payments. Zowleski Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Cash Flow from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Flow from Operating Activities:

Name: Net Income for 2018$28,800Depreciation Expense for 2018(Accumulated D
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Description: Net Income for 2018$28,800Depreciation Expense for 2018(Accumulated Depreciation Increase)4,000Plant Assets Purchased (Plant AssetsIncrease),Finance by Note30,000Notes Payable Increased by Amountof Plant Assets Purchase30,000Notes Payable Decreased

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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