Question: PLEASE just put answer i dont understand it at all so an explanation will NOT help, just lines with answers please The management team of

PLEASE just put answer i dont understand it at all so an explanation will NOT help, just lines with answers please
The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and Income statements are summarized. Current Year Prior Year Balar.ce Sheet $133,500 160,000 120,000 230,000 (67,200) $576,300 $150,000 140,000 130,000 120,000 (35,000) $505,000 $ 20,000 4,000 100,000 $ 24,000 2,000 120,000 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Total assets Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders' Equity: Common stock Retained earnings Total liabilities and stockholders' equity Ir.come Statement Sales Cost of goods sold Depreciation expense Other expenses Net income 180,000 272,300 $576,300 160,000 199,000 $505,000 $ 600,000 310,000 32,200 150,000 $107,800 Other Information from the company's records Includes the following: Bought equipment for cash, $110,000. Pald $20,000 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $34,500 were declared and paid to stockholders Accounts Payable arose from Inventory purchases on credit . Income tax expense ($26,950) and Interest expense ($6,000) were paid in full at the end of both years and are included in Other Expenses. Required: a. Prepare the statement of cash flows using the Indirect method. Include any supplemental disclosures. (Enter any deductions and cash outflows as a negative value.) WICKERSHAM BROTHERS Inc. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilites: S 0 Cash Flows from Investing Activities: S 0 Cash Flows from Financing Activities: S 0 Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, end of period Supplemental Disclosures: S 0
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
