Question: Hi tutor, I need help with this question asap please!! (URGENT) Thank you!! The Ewing Corporation reported the following income statement for 2018 and comparative

Hi tutor, I need help with this question asap please!! (URGENT)

Thank you!!

Hi tutor, I need help with this question asap please!! (URGENT) Thank

The Ewing Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: E: (Click the icon to view the comparative balance sheet.) E: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Ewing Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. - X Data table Data table Data table Ewing Corporation Statement of Cash Flows December 31, 2018 and 2017 Year Ended December 31, 2018 Transaction data for 2018 Ewing Corporation Income Statement Increase Cash Flows from Operating Activities: $ 160,000 2018 2017 (Decrease) Year Ended December 31, 2018 Net Income 11,000 Assets Net Sales Revenue $ 14,000 Adjustments to Reconcile Net Income to Net Cash Provided (Used for) by Operating Activities: 615,000 450,000 Current Assets: Cost of Goods Sold Cash paid for purchase of equipment Cash payment of dividends Issuance of common stock to retire bonds payable Issuance of bonds payable to borrow cash Cash receipt from issuance of common stock Cash receipt from sale of equipment (Cost, $85,000; Accumulated Depreciation, $15,000) Cash paid for purchase of treasury stock 40,000 Cash $ 33,000 $ 26,000 7,000 $ 21,000 Gross Profit 165,000 17,000 Accounts Receivable 15,000 (6,000) 60,000 Merchandise Inventory 36,000 32,000 4,000 Operating Expenses: Salaries and Wages Expense Depreciation Expense-Plant Assets 44,000 10,000 Long-term Assets: Plant Assets 170,700 (16,700) 95,700 (17,700) 14,000 10,000 75,000 1,000 Rent Expense Accumulated DepreciationPlant Assets 68,000 Print $ 238,000 $ 138,000 $ 100,000 Done Total Assets 97,000 Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Total Operating Expenses Operating Income Other Income and (Expenses): Loss on Disposal of Plant Assets Liabilities (10,000) Current Liabilities: (10,000) Accounts Payable $ 30,000 $ 24,000 $ 6,000 Total Other Income and (Expenses) Net Income Before Income Taxes Accrued Liabilities 5,000 12,000 (7,000) 87,000 22,000 Income Tax Expense 12,000 12,000 0 Income Tax Payable Long-term Liabilities: $ 65,000 Net Income Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: 84,000 58,000 26,000 Bonds Payable Total Liabilities 131,000 106,000 25,000 Print Done Stockholders' Equity 53,000 Common Stock, no par 22,000 31,000 Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Retained Earnings 74,000 (20,000) 20,000 (10,000) 54,000 (10,000) Treasury Stock Cash Balance, December 31, 2017 Total Stockholders' Equity 107,000 32,000 75,000 238,000 $ 100,000 Total Liabilities and Stockholders' Equity 138,000 $ Time Remaining: 01:17:11

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!