Income Statement For Year Ended December 31, Year 9 Company Balance Sheets December 31, Year 9...

Transcribed Image Text:

Income Statement For Year Ended December 31, Year 9 Company Balance Sheets December 31, Year 9 and Year 8 Year 8 50 500 750 1,300 500 $1,800 590 300 10 700 300 $ 100 400 100 $1,800 Sales Cost of goods sold Depreciation expense General Expenses Interest expense Income Tax expense Net Income Assets Cash Accounts receivable, net Inventory Current assets Fixed assets, net Total assets Liabilities and Equity Accounts payable Deferred income tax Interest payable Current liabilities Long-term debt Long term notes payable to banks Capital stock Retained earnings Total liabilities and equity 1000 (650) (100) (100) (50) (40) 60 Year 9 60 520 770 1,350 550 $1,900 615 310 20 710 350 $75 400 130 $1,900 Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows for the year ended December 31, Year 9, using the indirect method. Income Statement For Year Ended December 31, Year 9 Company Balance Sheets December 31, Year 9 and Year 8 Year 8 50 500 750 1,300 500 $1,800 590 300 10 700 300 $ 100 400 100 $1,800 Sales Cost of goods sold Depreciation expense General Expenses Interest expense Income Tax expense Net Income Assets Cash Accounts receivable, net Inventory Current assets Fixed assets, net Total assets Liabilities and Equity Accounts payable Deferred income tax Interest payable Current liabilities Long-term debt Long term notes payable to banks Capital stock Retained earnings Total liabilities and equity 1000 (650) (100) (100) (50) (40) 60 Year 9 60 520 770 1,350 550 $1,900 615 310 20 710 350 $75 400 130 $1,900 Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows for the year ended December 31, Year 9, using the indirect method.

Answer rating: 100% (QA)

Answer Cash Flow from Operating Activities Net Income Add Increase in Retained Earnings 1301... View the full answer