Cash flows from operating activities: XYZ Company Statement of Cash Flows For Ended December 31, 20X2 Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Increase/Decrease in cash Cash at the beginning of the year Cash at the end of the year XYZ Company Balance Sheet December 31, 20X2 Dec. 31, 20X2 Dec. 31, 20X1 Inc./Dec. Cash 25,000 22,000 ? Accounts Receivable 30,000 10,000 ? Inventories 23,000 19,000 ? Investments 15,000 40,000 ? Land 60,000 0 ? Equipment 88,000 54,000 ? Accumulated depreciation-- Equipment (8,000) (5,000) ? 233,000 140,000 Accounts payable 16,000 18,000 ? Accrued expenses 20,000 3,000 ? Dividends payable 25,000 14,000 ? Common stock 120,000 80,000 ? Paid-in capital in excess of par 20,000 15,000 ? Retained earnings 32.000 10,000 ? 233,000 140,000 a. The investments were sold for $24,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $50,000 credit to Retained Earnings for net income. f. There was a $28,000 debit to Retained Earnings for cash dividends declared.
Cash flows from operating activities: XYZ Company Statement of Cash Flows For Ended December 31, 20X2 Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Increase/Decrease in cash Cash at the beginning of the year Cash at the end of the year XYZ Company Balance Sheet December 31, 20X2 Dec. 31, 20X2 Dec. 31, 20X1 Inc./Dec. Cash 25,000 22,000 ? Accounts Receivable 30,000 10,000 ? Inventories 23,000 19,000 ? Investments 15,000 40,000 ? Land 60,000 0 ? Equipment 88,000 54,000 ? Accumulated depreciation-- Equipment (8,000) (5,000) ? 233,000 140,000 Accounts payable 16,000 18,000 ? Accrued expenses 20,000 3,000 ? Dividends payable 25,000 14,000 ? Common stock 120,000 80,000 ? Paid-in capital in excess of par 20,000 15,000 ? Retained earnings 32.000 10,000 ? 233,000 140,000 a. The investments were sold for $24,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $50,000 credit to Retained Earnings for net income. f. There was a $28,000 debit to Retained Earnings for cash dividends declared.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Cash flows from operating activities:
XYZ Company
Statement of Cash Flows
For Ended December 31, 20X2
Adjustments to reconcile net income to net cash flow from
operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities
Cash flows from investing activities:
Net cash flow used for investing activities
Cash flows from financing activities:
Net cash flow from financing activities
Increase/Decrease in cash
Cash at the beginning of the year
Cash at the end of the year
Transcribed Image Text:XYZ Company
Balance Sheet
December 31, 20X2
Dec. 31, 20X2
Dec. 31, 20X1
Inc./Dec.
Cash
25,000
22,000
?
Accounts Receivable
30,000
10,000
?
Inventories
23,000
19,000
?
Investments
15,000
40,000
?
Land
60,000
0
?
Equipment
88,000
54,000
?
Accumulated depreciation--
Equipment
(8,000)
(5,000)
?
233,000
140,000
Accounts payable
16,000
18,000
?
Accrued expenses
20,000
3,000
?
Dividends payable
25,000
14,000
?
Common stock
120,000
80,000
?
Paid-in capital in excess of par
20,000
15,000
?
Retained earnings
32.000
10,000
?
233,000
140,000
a. The investments were sold for $24,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $50,000 credit to Retained Earnings for net income.
f. There was a $28,000 debit to Retained Earnings for cash dividends declared.
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