0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet...

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0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Cash... Accounts receivable (net)... Merchandise inventory.. Prepaid expenses.. Assets Equipment.... Accumulated depreciation-equipment.. Total assets... Dec. 31, 20Y8 $ 151,000 522,000 968,000 28,000 2,032,000 (380,000) $3,321,000 Dec. 31, 2017 $ 190,000 569,000 759,000 19,000 1,424,000 (304,000) $2,657,000 (Continued) Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Mortgage note payable.... Common stock, $10 par.. Paid-in capital in excess of par.. Retained earnings...... Total liabilities and stockholders' equity... Dec. 31, 2018 $ 190,000 0 1,140,000 570,000 1,421,000 $3,321,000 Dec. 31, 2017 $ 171,000 759,000 380,000 190,000 1,157,000 $2,657,000 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $359,000. b. Depreciation reported on the income statement, $218,000. c. Equipment was purchased at a cost of $750,000, and fully depreciated equipment costing $142,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 76,000 shares of common stock were issued at $15 for cash. f. Cash dividends declared and paid, $95,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. 0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Cash... Accounts receivable (net)... Merchandise inventory.. Prepaid expenses.. Assets Equipment.... Accumulated depreciation-equipment.. Total assets... Dec. 31, 20Y8 $ 151,000 522,000 968,000 28,000 2,032,000 (380,000) $3,321,000 Dec. 31, 2017 $ 190,000 569,000 759,000 19,000 1,424,000 (304,000) $2,657,000 (Continued) Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Mortgage note payable.... Common stock, $10 par.. Paid-in capital in excess of par.. Retained earnings...... Total liabilities and stockholders' equity... Dec. 31, 2018 $ 190,000 0 1,140,000 570,000 1,421,000 $3,321,000 Dec. 31, 2017 $ 171,000 759,000 380,000 190,000 1,157,000 $2,657,000 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $359,000. b. Depreciation reported on the income statement, $218,000. c. Equipment was purchased at a cost of $750,000, and fully depreciated equipment costing $142,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 76,000 shares of common stock were issued at $15 for cash. f. Cash dividends declared and paid, $95,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.

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Statement of cash flows For the Year Ended December 31 20Y8 Amount WN Cash flows from used for opera... View the full answer