The accountant for RIMMEREX Corporation used a spreadsheet to prepare information needed to prepare the Statement...

  

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The accountant for RIMMEREX Corporation used a spreadsheet to prepare information needed to prepare the Statement of Cash Flows for the year ending December 31, 2015. However, the data were accidently sorted alphabetically into the following listing items. To compound the problem, the "add" and "deduct" notations for each line item were also deleted. Review the information, and prepare a correct presentation, using the Indirect approach. The Beginning Cash balance was $63,800, and the Ending Cash balance was $415,000. Bought Building by issuing Common Stock Decrease in Accounts Payable Decrease in Accounts Receivable Depreciation Expense Dividends on Common Gain on Sale of Land Increase in Income Taxes Payable Increase in Inventory Increase in Prepaid Insurance Net Income Purchase of Equipment Repayment of Long-Term Note Payable Sale of Land $ 850,000 34,000 21,000 68,000 50,000 20,000 7,000 27,800 3,000 215,000 75,000 180,000 430,000 The accountant for RIMMEREX Corporation used a spreadsheet to prepare information needed to prepare the Statement of Cash Flows for the year ending December 31, 2015. However, the data were accidently sorted alphabetically into the following listing items. To compound the problem, the "add" and "deduct" notations for each line item were also deleted. Review the information, and prepare a correct presentation, using the Indirect approach. The Beginning Cash balance was $63,800, and the Ending Cash balance was $415,000. Bought Building by issuing Common Stock Decrease in Accounts Payable Decrease in Accounts Receivable Depreciation Expense Dividends on Common Gain on Sale of Land Increase in Income Taxes Payable Increase in Inventory Increase in Prepaid Insurance Net Income Purchase of Equipment Repayment of Long-Term Note Payable Sale of Land $ 850,000 34,000 21,000 68,000 50,000 20,000 7,000 27,800 3,000 215,000 75,000 180,000 430,000

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Preparation of statement of Cash Flows using indirect method Rimmerex Corporation Statement of Cash ... View the full answer