The following information was taken from the financial records of the XYZ Company for 2022. End...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year Cash $391,000 $266,000 Accounts Receivable 554,300 567,800 Merchandise Inventory 693,000 672,400 Prepaid Insurance 27,000 24,000 Accounts Payable (creditors) 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income statement for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: Long-term investments $30,000 Property, plant and equipment 60,000 Bonds payable 50,000 Common stock 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows - Using the indirect method to prepare the operating activities section The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year Cash $391,000 $266,000 Accounts Receivable 554,300 567,800 Merchandise Inventory 693,000 672,400 Prepaid Insurance 27,000 24,000 Accounts Payable (creditors) 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income statement for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: Long-term investments $30,000 Property, plant and equipment 60,000 Bonds payable 50,000 Common stock 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows - Using the indirect method to prepare the operating activities section
Expert Answer:
Answer rating: 100% (QA)
Statement of Cash Flows for the year ended December 31 2022 using the indirect method Operating Acti... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following information was taken from the financial records of Bower Manufacturing Industries: The company purchased equipment in exchange for 10,000 shares of common stock. The stock was selling...
-
The following information was taken from the accounting records of the Lamberson Company: Additional information for the year: (a) Sales ............$ 39,930 Cost of goods sold .........(19,890)...
-
The following information was taken from Lamberson Companys accounting records: Additional information for the year: a. b. Dividends declared and paid totaled $700. c. On January 1,2016, convertible...
-
On December 1, 2016, Masipag sold land in exchange for a P180,000 non-interest, 1-year promissory note. The 10% interest rate was going market rate for similar notes. Masipag had paid P66,000 to...
-
Compute the gradient and Laplacian of the function T = r (cos + sin cos ). Check the Laplacian by converting T to Cartesian coordinates and using Eq. 1.42. Test the gradient theorem for this...
-
Following are the weights of 8 boxes of cookies, each of which is labeled as containing 16 ounces. Assume that the population of weights is normally distributed. Can you conclude that the population...
-
What accounting procedures must be completed before the partnership liquidation process begins?
-
The board of directors of Mesa Verde Tool Company set the profit goal for calendar year 2016 at $2,200,000. It also established a bonus plan in which the top five officers of the company will share...
-
1. Marcos: Si te gusta la pesca, enter answer (mudarse) al campo. enter answer (Encontrar) un rancho cerca de un lago y enter answer (disfrutar) de tu pasatiempo. 2. Maricela: Si prefieres la ciudad,...
-
As of December 31, Cookie Creations' year-end, the following adjusting entry data are provided. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. A count reveals that $45 of brochures and posters (supplies) were used....
-
1. List and describe the four broad categories of resources. Cite examples of each to help support your answer.
-
Ivanhoe Ltd. purchased machinery on January 1, 2023, for $75,200. The machinery is estimated to have a residual value of $4,800 after a useful life of eight years. (a) Calculate the 2023 depreciation...
-
Quamma Corporation makes a product that has the following costs: Direct materials Direct labor Variable manufacturing overhead Per Unit $17.20 Fixed manufacturing overhead Variable selling and...
-
Big Melon company uses a job cost system which applies overhead on the basis of direct labour hours. At the beginning of the quarter, Big Melon estimates total manufacturing costs of $112,500 and...
-
Identify, define/explain the 4 characteristics of services and the additional characteristic of simultaneous production and consumption. Include an example (with brief explanation) of a service you...
-
Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year appear below....
-
Order: Digoxin 18 mcg po bid. Child weighs 7 lbs. The safe range is 10-12 mcg/kg/24 hrs. a. What is the safe 24-hr range? b. Is the ordered dose safe for a 24-hr period? c. If the medication is...
-
An access route is being constructed across a field (Figure Q8). Apart from a relatively firm strip of ground alongside the field's longer side AB, the ground is generally marshy. The route can...
-
Name the valuation base(s) that are used for each of the asset and liability accounts shown here. Some assets and liabilities can use more than one valuation base. Original Lower of Cost or Fair...
-
Eaton Enterprises made the following adjusting journal entries on December 31, 2017: a. Give a brief explanation for each of the above entries. b. Classify each of the above entries as either a cost...
-
The 2014 annual report for HCA Inc., a nationwide chain of hospitals, contains the following statement in the footnotes to the financial statements: Reserves for professional liability risks were...
-
The _________ curve for a product is the horizontal summing of the demand curves of the individuals in the market.
-
A change in _________ leads to a change in quantity demanded, illustrated by a(n) _________ demand curve.
-
An individual _________ curve reveals the different quantities of a particular good a person would be willing and able to buy at various possible prices in a particular time interval, other things...
Study smarter with the SolutionInn App