Hunter Company is developing its annual financial statements at December 31. The statements are complete except...
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Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Incone Additional Data: a. Bought equipment for cash, $9,100. b. Paid $11,000 on the long-term notes payable, c. Issued new shares of stock for $20,500 cash. d. Declared and paid a $3,900 cash dividend. Current Year Prior Year $ 44,298 27,900 30,900 112,100 (36,600) $178,590 $ 25,600 38,000 $18,500 30,000 37,000 103,000 (30,500) $158,000 $ 22,500 790 1,000 49,000 61,000 24,500 $158,000 81,500 32,700 $ 178,590 $ 101,000 61,500 27,400 $ 12,100 e. Other expenses included depreciation, $6,100, salaries and wages, $10,100; taxes, $3,100; utilities, $8,100. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities: 0 0 0 0 $ 0 Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Incone Additional Data: a. Bought equipment for cash, $9,100. b. Paid $11,000 on the long-term notes payable, c. Issued new shares of stock for $20,500 cash. d. Declared and paid a $3,900 cash dividend. Current Year Prior Year $ 44,298 27,900 30,900 112,100 (36,600) $178,590 $ 25,600 38,000 $18,500 30,000 37,000 103,000 (30,500) $158,000 $ 22,500 790 1,000 49,000 61,000 24,500 $158,000 81,500 32,700 $ 178,590 $ 101,000 61,500 27,400 $ 12,100 e. Other expenses included depreciation, $6,100, salaries and wages, $10,100; taxes, $3,100; utilities, $8,100. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities: 0 0 0 0 $ 0
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