bok int ences Saved Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $8,300. b. Paid $12,000 on the long-term notes payable. c. Issued new shares of stock for $23,500 cash. d. Declared and paid a $3,100 cash dividend. $ 44,770 20,700 $ 14,500 22,000 23,700 103,300 (34,200) 29,000 95,000 (26,500) $ 158,270 $ 20,800 870 29,000 $ 134,000 $ 18,500 1,000 41,000 76,500 53,000 31,100 20,500 $ 158,270 $ 134,000 $ 117,000 69,500 33,800 $ 13,700 e. Other expenses included depreciation, $7,700; salaries and wages, $11,700; taxes, $4,700; utilities, $9,700. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: $ 13,700 < Prev 2 of 2 Next >