Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...

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Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Cash Accounts Rec Inventories Investments Assets Land Equipment Less: Accumulated Depreciation - Equipment Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Common Stock, $10 par Paid in capital in excess of par - common stock Retained earnings The following additional information was taken from the records: The investments were sold for $130,000 cash. Equipment and land were acquired for cash. There were no disposal of equipment during the year. The common stock was issued for cash. There was a $574,000 credit to Retained Earnings for net income. No dividends were paid or declared $ $ $ $ $ $ $ $ 12/31/10 582,880 $ 399,400 341,880 164,000 352,560 84,200 1,756,520 S 74,000 250,000 324,000 12/31/09 126,400 292,960 104,480 308,560 120,000 202,480 235,240 $ 21,120 26,320 74,000 57,600 250,000 140,000 1,176,160 602,160 1,756,520 $ 1,028,560 276,560 74,000 1,028,560 57600 140000 For the Year Ended December 31, 2010 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Other Changes in current operating assets and liabilities accounts receivable inventories accounts payable accrued expenses payable Net cash flow from operating activities Cash flows from investing activities: Cash received from sale of investments Less: Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from financing activities: Cash received from sale of common stock Net cash flow provided by financing activities 197600 Increase (Decrease) in cash from all activities Cash at the beginning of the year Cash at the end of the year Difference between beginning yr cash and end yr cash Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Cash Accounts Rec Inventories Investments Assets Land Equipment Less: Accumulated Depreciation - Equipment Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Common Stock, $10 par Paid in capital in excess of par - common stock Retained earnings The following additional information was taken from the records: The investments were sold for $130,000 cash. Equipment and land were acquired for cash. There were no disposal of equipment during the year. The common stock was issued for cash. There was a $574,000 credit to Retained Earnings for net income. No dividends were paid or declared $ $ $ $ $ $ $ $ 12/31/10 582,880 $ 399,400 341,880 164,000 352,560 84,200 1,756,520 S 74,000 250,000 324,000 12/31/09 126,400 292,960 104,480 308,560 120,000 202,480 235,240 $ 21,120 26,320 74,000 57,600 250,000 140,000 1,176,160 602,160 1,756,520 $ 1,028,560 276,560 74,000 1,028,560 57600 140000 For the Year Ended December 31, 2010 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Other Changes in current operating assets and liabilities accounts receivable inventories accounts payable accrued expenses payable Net cash flow from operating activities Cash flows from investing activities: Cash received from sale of investments Less: Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from financing activities: Cash received from sale of common stock Net cash flow provided by financing activities 197600 Increase (Decrease) in cash from all activities Cash at the beginning of the year Cash at the end of the year Difference between beginning yr cash and end yr cash

Answer rating: 100% (QA)

Statement of Cash Flows for the year ended 12312010 Cash flows from operating activities Net ... View the full answer