The following information was taken from the financial records of the XYZ Company for 2022. End...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year Cash $391,000 $266,000 Accounts Receivable 554,300 567,800 Merchandise Inventory 693,000 672,400 Prepaid Insurance 27,000 24,000 Accounts Payable (creditors) 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income statement for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: Long-term investments $30,000 Property, plant and equipment 60,000 Bonds payable 50,000 Common stock 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows - Using the indirect method to prepare the operating activities section The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year Cash $391,000 $266,000 Accounts Receivable 554,300 567,800 Merchandise Inventory 693,000 672,400 Prepaid Insurance 27,000 24,000 Accounts Payable (creditors) 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income statement for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: Long-term investments $30,000 Property, plant and equipment 60,000 Bonds payable 50,000 Common stock 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows - Using the indirect method to prepare the operating activities section
Expert Answer:
Answer rating: 100% (QA)
Statement of Cash Flows for the year ended December 31 2022 using the indirect method Operating Acti... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following information was taken from the financial records of Bower Manufacturing Industries: The company purchased equipment in exchange for 10,000 shares of common stock. The stock was selling...
-
The following information was taken from the accounting records of the Lamberson Company: Additional information for the year: (a) Sales ............$ 39,930 Cost of goods sold .........(19,890)...
-
The following information was taken from Lamberson Companys accounting records: Additional information for the year: a. b. Dividends declared and paid totaled $700. c. On January 1,2016, convertible...
-
On December 1, 2016, Masipag sold land in exchange for a P180,000 non-interest, 1-year promissory note. The 10% interest rate was going market rate for similar notes. Masipag had paid P66,000 to...
-
Using CAPM A stock has a beta of 1.25 the expected return on the market is 14 percent, and the risk-free rate is 5.2 percent. What must the expected return on this stock be?
-
In a village having more than 100 adults, eight are randomly selected in order to form a committee of residents. \(40 \%\) of adults in the village are connected with agriculture. a. Verify that the...
-
Construct the multiple regression equation y = b0 + b1x1 + b2x2 + b3x3. Exercises 1115 refer to the following data set: x1 *2 x3 69.8 7.9 37.3 62.4 32.3 9.3 20.2 40.7 66.9 13.3 30.5 48.7 87.5 27.4...
-
Table gives hypothetical export price indexes and import price indexes (1990 100) for Japan, Canada, and Ireland. Compute the commodity terms of trade for each country for the period 19902006. Which...
-
Investment expected to generate cash flow of $100,000 one year from today. Each subsequent cash flow generated by the investment will come one year after the previous cash flow and is expected to be...
-
Please review the State of West Virginia v. Keith O. Peoples case and respond to the following challenges: 1. The charge against Peoples was fraud, a criminal offense. Compare and contrast a criminal...
-
Does? Give a convincing argument of why or a counterexample why not.
-
What is Reconciling our Economic Futures? 1. What is Economy from an Indigenous Perspective? 2. What is Reconciliation from an Indigenous Perspective? 3. What does Reconciling our Economic Futures...
-
There is a project with the following cash flows: Year Cash Flow 0 -$ 30,050 1 8,700 2 9,800 34 3 7,950 4 8,550 5 8,300 What is the payback period? Multiple Choice 2.55 years 3.77 years 4.00 years
-
With 120Vac connected to a pump motor, you measure 4A. How much power is consumed? Power consumed (W): 8. With a 40W light bulb connected to the same electrical branch, how much current do you expect...
-
The Product based "P" for the implementation of your marketing. Services are the "Product" that is intangible and what does the Pricing -P stands and the Pricing Methods in the Four Ps.
-
Building of a new home or building project, Data Center build or major addition to an existing home or building project. You will be responsible for managing a project to implement a 5,000 square...
-
Write a program called lookup.py that enables DBVac employees to look up a customer by name or CustID, then output the data regarding the matching customer(s). Your program should: Include a comment...
-
An access route is being constructed across a field (Figure Q8). Apart from a relatively firm strip of ground alongside the field's longer side AB, the ground is generally marshy. The route can...
-
Name the valuation base(s) that are used for each of the asset and liability accounts shown here. Some assets and liabilities can use more than one valuation base. Original Lower of Cost or Fair...
-
Eaton Enterprises made the following adjusting journal entries on December 31, 2017: a. Give a brief explanation for each of the above entries. b. Classify each of the above entries as either a cost...
-
The 2014 annual report for HCA Inc., a nationwide chain of hospitals, contains the following statement in the footnotes to the financial statements: Reserves for professional liability risks were...
-
Members of a single family own the majority of the capital stock of Custom Furniture Company, a small corporation not listed on any stock exchange. The balance of the capital stock is held by a few...
-
Name the two sections of the Division of CPA Firms and describe the purpose of each section.
-
Under what conditions is it acceptable for a CPA to perform management consulting services for an audit client?
Study smarter with the SolutionInn App