Stellar Software Corp. has assembled the following data for the years ending December 31, 2021 and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Stellar Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020. (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Requirement 1. Prepare Stellar's statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities. Start by completing the cash flows from operating activities. Then complete the remaining sections of the statement of cash flows including the schedule of noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Stellar Software Corp. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Data table Current Accounts: December 31, 2021 2020 Current assets: Cash and cash equivalents $ 123,600 $ 24,000 Accounts receivable 18,000 64,800 Inventories Prepaid expenses 11,500 84,000 3,800 1,700 Current liabilities: Accounts payable $ 57,500 $ 56,200 Income tax payable 29,100 17,000 Accrued liabilities 15,400 6,300 - More info I Transaction Data for 2021: Acquisition of land by issuing long-term note payable Purchase of treasury stock $ 205,000 Gain on sale of equipment $ 12,000 11,400 Stock dividends Collection of loan 31,600 Payment of cash dividends 10,600 Issuance of long-term note 12,200 Depreciation expense 24,600 payable to borrow cash 34,200 Purchase of building Net income 5,900 with cash Retirement of bonds payable by issuing common stock Purchase of long-term investment with cash 133,000 Issuance of common stock for cash 39,000 80,000 Proceeds from sale of equipment 53,000 44.800 Amortization expense 6,000 Print Done Stellar Software Corp. has assembled the following data for the years ending December 31, 2021 and 2020. (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Requirement 1. Prepare Stellar's statement of cash flows using the indirect method to report operating activities. Include a schedule of noncash investing and financing activities. Start by completing the cash flows from operating activities. Then complete the remaining sections of the statement of cash flows including the schedule of noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Stellar Software Corp. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Data table Current Accounts: December 31, 2021 2020 Current assets: Cash and cash equivalents $ 123,600 $ 24,000 Accounts receivable 18,000 64,800 Inventories Prepaid expenses 11,500 84,000 3,800 1,700 Current liabilities: Accounts payable $ 57,500 $ 56,200 Income tax payable 29,100 17,000 Accrued liabilities 15,400 6,300 - More info I Transaction Data for 2021: Acquisition of land by issuing long-term note payable Purchase of treasury stock $ 205,000 Gain on sale of equipment $ 12,000 11,400 Stock dividends Collection of loan 31,600 Payment of cash dividends 10,600 Issuance of long-term note 12,200 Depreciation expense 24,600 payable to borrow cash 34,200 Purchase of building Net income 5,900 with cash Retirement of bonds payable by issuing common stock Purchase of long-term investment with cash 133,000 Issuance of common stock for cash 39,000 80,000 Proceeds from sale of equipment 53,000 44.800 Amortization expense 6,000 Print Done
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
During the year ended 30 June 20X5, Gem Stone Ltd acquired two areas of interest Site A and Site B. The exploration and evaluation activities at Site A amounted to $64454401. The costs relate to the...
-
On September 1, 2011, Ramus Company purchased machine parts from Ho Man Tin Company for 6,000,000 Hong Kong dollars to be paid on January 1, 2012. The exchange rate on September 1 is HK$7.7 = $1. On...
-
What is the hybridization state of Si in SiH4 and in H3Si-SiH3?
-
The Family Support Center is a small charitable organization. It has only four full-time employees: two staff, an accountant, and an office manager. The majority of its funding comes from two...
-
Draw an entity-relationship diagram, including minimum and maximum cardinality for the following: The system stores information about two things: cars and owners. A car has attributes for make,...
-
V . Vroom - Jago Leader - participation theory a . What are the 3 basic decision making choices according to the Vroom - Jago leader participation theory? b . Outline when it is recommended for a...
-
Why do we need an employee benefits strategy?
-
La Fiesta Restaurants issued bonds that have a 6 percent coupon interest rate. Interest is paid annually. The bonds mature in 12 years. If your required rate of return is 8 percent, what is the value...
-
A biotech firm is waiting for approval from the Food and Drug Administration for a new high tech targeted radiation treatment for cancer. If it get approval to proceed with trials, its stock price...
-
1. 1. What characteristics define the money markets? 2. 3. Why does the existence of banks not eliminate the need for money markets? 3. 5. What motivated regulators to impose interest ceilings on...
-
16. Two bodies of masses 15 kg and 5 kg are connected to the ends of a mass less cord and allowed to move as shown in figure. The pulley is massless and friction less. Calculate the acceleration of...
-
Use the multiples of your comparable companies to provide additional estimates of Crocs value using the data in Exhibit 5. Create an analysis using the Multiples Based Valuation table below which:...
-
Eastside spares, owned and operated by Tom Miller, buys and sells motor spare parts. Toms assets and liabilities as at 30 June 20X0 are as follows: Current assets Accounts receivable $44,200...
-
Sportique Boutique reported the following financial data for 2012 and 2011. Instructions(a) Calculate the current ratio for Sportique Boutique for 2012 and 2011.(b) Suppose that at the end of 2012,...
-
Kensington Corp. makes gourmet brownies. Brownies are produced in a three-stage process. In the Baking Department, the raw materials for the brownies are mixed, poured into large trays, and baked. In...
-
Only Chips specializes in making two types of chip cookies, semi-sweet and butterscotch, and delivering them to customers while they are still warm from the oven. The butterscotch cookies tend to be...
-
In using activity-based management techniques, management would be most likely to try to eliminate or reduce which of the following activities? (Which activity adds the least value from the...
Study smarter with the SolutionInn App