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Exercise 11-47 (Algorithmic) Preparing the Statement of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 Assets: Cash $ 36,950 $ 25,000 Accounts receivable 75,100 78,000 Inventory 45,300 Property, plant, and equipment Accumulated depreciation 36,000 153,000 256,400 38,650 20,000 Total assets $ 375,100 $ 272,000 Liabilities and Equity: Accounts payable Interest payable $ 13,100 $ 11,000 8,000 Wages payable 11,500 8,100 Notes payable 9,000 90,000 105,400 Common stock 89,300 50,000 Retained earnings 104,000 Total liabilities and equity 147,700 $375,100 $ 272,000 Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of $14,700 were declared and paid during 2019. OBOOK Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of $14,700 were declared and paid during 2019. 3. During 2019, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $39,300 cash. 5. Depreciation expense was $19,050, and there were no disposals of equipment Required: I 1. Prepare a statement of cash flows (indirect method) for Beckwith Products for 2019. Use a minus sign to indicate any decreases in cash or cash outflows Beckwith Products Company Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense 17.650 X Decrease in accounts receivable 2,900 Increase in inventory -9.300 Increase in accounts payable Increase in interest payable Decrease in wages payable -900 15.950 X Net cash provided by operating activities 74,350 x Cash flows from investing activities Equipment purchase -103.400 Not rashi cert for investing activities 58.400 2.100 3.500 101.400 X Check My Work 2 more Check My Work uses remaining eBook 74,350 X -103.400 103,400 X omework - Chapter 11 Net cash provided by operating activities Cash flows from Investing activities: Equipment purchase Net cash used for investing activities Cash flows from financing activities: Cash received from issuance notes Decrease in accounts recevable Cash received from stock issue Payment of dividends Net cash provided by financing activities Net change in cash Cash, 1/1/2019 43,100 X -35,000 50,000 X -17,100 X 41,000 X 11,950 25,000 Cash, 12/31/2019 36,950 2. Compute the following cash-based performance measures: a. Free cash flow b. Cash flow adequacy (Note: Assume that the average amount of debt maturing over the next 5 years is $85,000). Use two decimal places for the adequacy ratio. Enter negative values as negative numbers. Free cash flow -43,550 X Adequacy ratio -0.51 X Feedback Check My Work 2. Free cash flow represents the cash flow that a company is able to generate after considering capital expenditures and cash div Cash flow adequacy ratio provides a measure of the company's ability to meet its maturing deht ohlinatione with its nertinant