The comparative balance sheet of Hirayama Industries Inc. for December 3 1 , 2 0 Y 2
Fantastic news! We've Found the answer you've been seeking!
Question:
The comparative balance sheet of Hirayama Industries Inc. for December Y and Y is as follows:
Dec. Y
Dec. Y
Assets
Cash
$
$
Accounts receivable net
Inventories
Land
Equipment
Accumulated depreciationequipment
Total assets
$
$
Liabilities and Stockholders Equity
Accounts payable merchandise creditors
$
$
Dividends payable
Common stock, $ par
Excess of paidin capital over par
Retained earnings
Total liabilities and stockholders equity
$
$
The following additional information is taken from the records:
Land was sold for $
Equipment was acquired for cash.
There were no disposals of equipment during the year.
The common stock was issued for cash.
There was a $ credit to Retained Earnings for net income.
There was a $ debit to Retained Earnings for cash dividends declared.
Required:
a Prepare a statement of cash flows, using the indirect method of presenting cash flows from used for operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.
b Was Hirayama Industries Inc.s net cash flows from operations more or less than net income? What is the source of this difference?
Related Book For
Statistics Principles And Methods
ISBN: 9780470904114
7th Edition
Authors: Richard A. Johnson, Gouri K. Bhattacharyya
Posted Date: