Question: PLEASE HELP!!!! Please read the instructions very carefully pleae. The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is


The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets $95,000.00 $110,000.00 3 Cash 4 Accounts receivable (net) 260,000.00 280,000.00 5 Inventories 450,000.00 520,000.00 6 Prepaid expenses 15,000.00 5,000.00 7 Equipment 1,130,000.00 800,000.00 8 Accumulated depreciation-equipment (235,000.00) (190,000.00) 9 Total assets $1,785,000.00 $1,455,000.00 10 Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) $100,000.00 $75,000.00 12 Mortgage note payable 0.00 500,000.00 13 Common stock, $10 par 500,000.00 200,000.00 14 Paid-in capital in excess of par-common stock 400,000.00 100,000.00 15 Retained earnings 785,000.00 580,000.00 16 Total liabilities and stockholders' equity $1,785,000.00 $1,455,000.00 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, $250,000. b. Depreciation reported on the income statement, $135,000. c. Equipment was purchased at a cost of $420,000 and fully depreciated equipment costing $90,000 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. 30,000 shares of common stock were issued at $20 for cash. f. Cash dividends declared and paid, $45,000. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities, Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Labels and Amount Descriptions Cash paid for dividendsCash paid for equipmentCash paid for merchandiseCash paid for purchase of landCash paid to retire mortgage note payableCash received from customersCash received from sale of common stockDecember 31, 20Y8Decrease in inventoriesDecrease in accounts payableDecrease in accounts receivableDecrease in prepaid expensesDepreciationFor the Year Ended December 31, 20Y8Gain on disposal of equipmentGain on sale of investmentsIncrease in accounts payablelnerease in accounts receivablelnerease in inventoriesIncrease in prepaid expensesLoss on disposal of equipmentlLoss on sale of investmentsNet cash flow from financing activitiesNet cash flow from investing activitiesNet. cash flow from operating activitiesNet cash flow used for financing activitiesNet cash flow used for investing activitiesNet cash flow used for operating activitiesNet decrease in cashNet incomeNet increase in cashNet loss. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows I Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: 4. 5 Changes in current operating assets and liabilities: 10 11 12 Cash flows from (used for) investing activities: 13 14 15 16 Cash flows from (used for) financing activities: 17 18 19 20 21 22 Cash balance, January 1, 20Y8 23 Cash balance, December 31, 20Y8
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