The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the i enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activit Get Wired, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Net Cash Provided by (Used for) Operating Activities example Get more help. Requirements (Click the icon to view the additional information.) Read the requirements. 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? Print Done X Data table Get Wired, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Print Clear all $ Done 72,400 15,000 10,900 8,500 (21,000) $ 436,000 202,200 233,800 98,300 135,500 !!! (12,500) 123,000 19,100 $ 103,900 Check answer The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: E E -Ak Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable C Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Re er Net Cash Provided by (Used for) Operating Activities ▼ g activi om ope Data table Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Get Wired, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Current Liabilities: Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Accrued Liabilities Assets Liabilities Print $ $ $ Done 2018 26,000 $ 26,900 79,200 35,200 126,050 (22,150) 271,200 $ 35,100 $ 28,200 2017 14.900 25,700 92,000 7,000 112,480 (19,780) 232,300 30,700 30,000 - es b ment The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Re er Co Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Net Cash Provided by (Used for) Operating Activities g activi om ope Data table Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ Done 79,200 35,200 126,050 (22,150) 271,200 $ 35,100 $ 28,200 78,000 141,300 88,600 41,300 129,900 271,200 $ 92,000 7,000 112,480 (19,780) 232,300 30,700 30,000 101,000 161,700 64,400 6,200 70,600 232,300 X es by ment? The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the i enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activit Get Wired, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Net Cash Provided by (Used for) Operating Activities example Get more help. Requirements (Click the icon to view the additional information.) Read the requirements. 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? Print Done X Data table Get Wired, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Print Clear all $ Done 72,400 15,000 10,900 8,500 (21,000) $ 436,000 202,200 233,800 98,300 135,500 !!! (12,500) 123,000 19,100 $ 103,900 Check answer The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: E E -Ak Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable C Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Re er Net Cash Provided by (Used for) Operating Activities ▼ g activi om ope Data table Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Get Wired, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Current Liabilities: Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Accrued Liabilities Assets Liabilities Print $ $ $ Done 2018 26,000 $ 26,900 79,200 35,200 126,050 (22,150) 271,200 $ 35,100 $ 28,200 2017 14.900 25,700 92,000 7,000 112,480 (19,780) 232,300 30,700 30,000 - es b ment The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Re er Co Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Net Cash Provided by (Used for) Operating Activities g activi om ope Data table Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ Done 79,200 35,200 126,050 (22,150) 271,200 $ 35,100 $ 28,200 78,000 141,300 88,600 41,300 129,900 271,200 $ 92,000 7,000 112,480 (19,780) 232,300 30,700 30,000 101,000 161,700 64,400 6,200 70,600 232,300 X es by ment?
Expert Answer:
Answer rating: 100% (QA)
45678 9 10 11 12 13 14 15 16 17 56700 8 Calculations 9 10 11 12 13 14 15 16 17 B Cash flows fro... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The 2018 income statement and comparative balance sheet of Rolling Hills, Inc. follow: Additionally, Rolling Hills purchased land of $21,100 by financing it 100% with long-term notes payable during...
-
The 2018 income statement and comparative balance sheet of Sweet Valley, Inc. follow: SWEET VALLEY, INC. Income Statement Year Ended December 31, 2018 SWEET VALLEY, INC. Comparative Balance Sheet...
-
The 2016 income statement and comparative balance sheet of McKnight, Inc. follow: Additionally, McKnight purchased land of $27,800 by financing it 100% with long-term notes payable during 2016....
-
Spherical refracting surfaces an object O stands on the central axis of a spherical refracting surface. For this situation, each problem in Table 34-5 refers to the index of refraction n1 where the...
-
(a) Use the Gauss-Seidel method to solve the tridiagonal system from Prob. 11.1 (S = 5%). (b) Repeat (a) but use over relaxation with = 1.2.
-
A social scientist analyzes the relationship between educational attainment and salary. For 65 individuals he collects data on each individual's educational attainment (in years) and his/her salary...
-
Which statement is false? a. A growing "days sales outstanding" figure is often a sign that receivables are impaired by channel stuffing. b. Backdating stock option exercise dates is not abusive...
-
The standard cost data for Madison Machinery Company show the following costs for producing one of its machines: Direct materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Kristen Lu purchased a used automobile for $13,600 at the beginning of last year and incurred the following operating costs: Depreciation ($13,600 5 years) $ 2,720 Insurance $ 1,500 Garage re...
-
The Fashion Rack has a monthly accounting period. All transactions are recorded in a general journal. Postings are made from the general journal to the accounts receivable ledger, accounts payable...
-
A bag contains 50 lottery balls numbered 1-50. A ball is selected and replaced before another ball is drawn. Find the probability of each event. 7. Plodd number, then a number from 1 to 12) 8. P(a...
-
The Institute of Business Ethics states that its role is to: "... raise public awareness of the importance of doing business ethically... and to help organisations to strengthen their ethics culture...
-
Bella is a citizen and resident of Brazil. Terri is a citizen and resident of Argentina. Maria is a citizen and resident of Chile. They all work for the same company. Their jobs required them to...
-
An office is looking to install a new IT system. The new system would cost $12,000 in hardware, plus $3,000 in software, and an additional $1,000 in training. The office will probably have to take...
-
You are a manager at Northern Fiber, which is considering expanding its operations in synthetic fiber manufacturing. Your boss comes into your office, drops a consultant's report on your desk, and...
-
4) Transactions for the month of July for Shelly's Bookstore were as follows: Purchases Salca July 1 (balance) 600 8 $7.30 1,200 @ $7.40 July 3 350 @$9.50 12 900 @9.75 22 700 $7.60 25 800 10.00 250...
-
Suppose you were to collect data for each pair of variables. You want to make a scatterplot. Which variable would you use as the explanatory variable and which as the response variable? Why? What...
-
Kims Konstructions has assembled the following data for a proposed straw-reinforced brick maker (SRBM): SRBM Cost: $26,000 Life: 5 years Revenue (p.a.) $11,000 Operating Expenses (p.a.) $3,000...
-
Greavy Theater Production Company's partially completed worksheet as of December 31, 2018, follows. Adjustment data at December 31 follow: a. As of December 31, Greavy had performed $500 of service...
-
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal...
-
Plant assets are recorded at historical cost. What does the historical cost of a plant asset include?
-
The trial balance of Jeremina plc as at 31 March 2002 is as follows: (i) Stock of finished goods on 31 March 2002 163,000. (ii) Motor expenses and depreciation on motors to be apportioned:...
-
You are Br erired: with the following information relating to Plott plc for the year to 31 March 2011: Additional information: 1. The above information has been obtained after the compilation of the...
-
The following information has been extracted from the books of Quire plc as at 30 September 2011. The following additional information is to be taken into account: 1. Stocks at 30 September 2011 were...
Study smarter with the SolutionInn App