Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view...

 
 

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Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000 Steinmar Exercise Equipment, Inc. reported the following financial statements for 2016: |(Click the icon to view the income statement.) |(Click the icon to view the comparative balance sheet.) 6 (Click the icon to view additional information.) Prepare the company's statement of cash flows-indirect method for the year ended December 31, 2016. Assume investments are purchased with cash. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Steinmar Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Steinmar Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 342,000 Gross Profit 374,000 Operating Expenses: Depreciation Expense 49,000 Other Operating Expenses 185,000 Total Operating Expenses 234,000 Net Income $ 140,000 %24 Steinmar calculated the following amounts for 2016: Acquisition value of plant assets, $87,000. Payment of dividends, $77,000. • Payment of long-term notes payable, $13,000. Cash receipt from issuance of common stock, $13,000. Steinmar Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash 18,000 $ 14,000 Accounts Receivable 53,000 46,000 Merchandise Inventory 83,000 85,000 Long-term Assets: Plant Assets 267,000 220,500 Accumulated Depreciation-Plant Assets (43,000) (34,500) Investments 91,000 72,000 Total Assets $ 469,000 $ 403,000 Liabilities Current Liabilities: Accounts Payable 79.000 $ 72,000 Salaries Payable 1,000 5,000 Long-term Liabilities: Notes Payable 57,000 70,000 Total Liabilities 137,000 147,000 Stockholders' Equity Common Stock, no par 49,000 36,000 Retained Earnings 283,000 220,000 Total Stockholders' Equity 332,000 256,000 Total Liabilities and Stockholders' Equity $ 469,000 $ 403,000

Answer rating: 100% (QA)

A D 1 Steinmar Equipment Inc Statement of cash flo... View the full answer