Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of
Question:
Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of cash during 2019.
Fannin had cash on hand at 1/1/2019 of $118,250.
Required:
1. Prepare a properly formatted statement of cash flows using the indirect method.
2. What can you conclude by examining the patterns in Fannin's cash flows?
Transcribed Image Text:
Net income Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in accounts payable Decrease in income taxes payable Increase in wages payable Cash received from sale of investment Cash paid for property, plant, and equipment Depreciation expense Proceeds from issuance of note payable Payment on bonds payable Cash received from issuance of common stock Payment of cash dividends $ 22,850 101,325 93,410 50,000 200,000 $594,600 61,250 47,600 31,550 7,600 20,000 18,200
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