Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the...
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Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for the Bumblebee Company. Accrued expenses relat to Selling, General and Administrative Expenses. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or for cash outflows. If an input field is not used in the statement leave the input field empty; do not select a label or enter a zero.) Bumblebee Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities. Net Cash Provided (Used) by Operating Activities Balance Sheet Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment-net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities Notes Payable Bumblebee Company Balance Sheet At December 31 Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Common stock, $1 Par Value Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ $ $ $ $ $ $ $ $ $ $ Ending Done 50,050 $ 5.000 3,700 58,750 $ 25,500 $ 55.200 80,700 $ 139,450 $ 3.600 S 7,500 1,100 12,200 S 32.500 $ 32,500 S 44,700 S 12,500 $ 13,700 68,550 94,750 S 139,450 $ Beginning 5,500 7,400 2.200 15,100 6,500 64,000 70,500 85,600 4,500 6,000 750 11,250 27,000 27.000 38,250 11,500 11,000 24,850 47,350 85,600 - X Additional Cash Flow Information Description Cash receipt from sale of property, plant, and equipment Cash payment to acquire investment securities Cash receipt from issuance of common stock Cash receipt from issuance of loan Print Done Cash Inflow $ (Outflow) 3,000 (19,000) 3,700 5,500 X Income Statement Bumblebee Company Income Statement For the Year Ended December 31 $ Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense Net Income Print Done $ $ $ $ $ $ 95,000 30,000 65,000 12,500 5,800 18,300 46,700 (1,800) 44,900 (1,200) 43,700 - X Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for the Bumblebee Company. Accrued expenses relat to Selling, General and Administrative Expenses. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or for cash outflows. If an input field is not used in the statement leave the input field empty; do not select a label or enter a zero.) Bumblebee Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities. Net Cash Provided (Used) by Operating Activities Balance Sheet Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment-net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities Notes Payable Bumblebee Company Balance Sheet At December 31 Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Common stock, $1 Par Value Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ $ $ $ $ $ $ $ $ $ $ Ending Done 50,050 $ 5.000 3,700 58,750 $ 25,500 $ 55.200 80,700 $ 139,450 $ 3.600 S 7,500 1,100 12,200 S 32.500 $ 32,500 S 44,700 S 12,500 $ 13,700 68,550 94,750 S 139,450 $ Beginning 5,500 7,400 2.200 15,100 6,500 64,000 70,500 85,600 4,500 6,000 750 11,250 27,000 27.000 38,250 11,500 11,000 24,850 47,350 85,600 - X Additional Cash Flow Information Description Cash receipt from sale of property, plant, and equipment Cash payment to acquire investment securities Cash receipt from issuance of common stock Cash receipt from issuance of loan Print Done Cash Inflow $ (Outflow) 3,000 (19,000) 3,700 5,500 X Income Statement Bumblebee Company Income Statement For the Year Ended December 31 $ Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense Net Income Print Done $ $ $ $ $ $ 95,000 30,000 65,000 12,500 5,800 18,300 46,700 (1,800) 44,900 (1,200) 43,700 - X
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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