To prepare the statement of cash flows, accountants for Percy Electric Company have summarized 2016 activity in
Question:
Percy Electric's 2016 income statement and balance sheet data follow:
Requirements
1. Prepare the statement of cash flows of Percy Electric Company for the year ended December 31, 2016, using the direct method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities.
2. Use Percy Electric's 2016 income statement and information from its selected balance sheet data to prepare a supplementary schedule of cash flows from operating activities by using the indirect method.
Transcribed Image Text:
Cash Beginning bal Sale of long-term investment 71,500 Payments on accounts payable 21,300 Payments of dividends 446,000 27,900 139,200 25,500 31,700 34,100 41,100 25,700 19,100 ns from customers 661,500 Payments of salaries and wages Issuance of common stock Receipts of dividends 47,600 Payments of interest 16,900 Purchase of equipment Payments of other operating expenses Payment of long-term note payable Purchase of treasury stock Payment of income tax Ending Bal 28,500 Common Stock Beginning bal Issuance for cash Issuance to acquire land Issuance to retire note payable Ending ba 84,100 47,600 80,300 20,000 232,000 A1 Percy Electric Company Income Statement Year Ended December 31, 201 2 Revenues: 3 Sales revenue 4 Dividend revenue 689,200 16,900 706,100 Total revenue 5 6 Expenses and losses: 7 Cost of goods sold 8 Salar 9 Depreciation expense 10 Other operating expense 11 Interest expense 12 Income tax expense 13 Loss on sale of investments 14 15 Net income 16 $ 447 200 y and wage expense 131,400 19,900 49,400 27800 17,1001 1100 otal expenses and losses 693,900 12,200 A1 Percy Electric Company Selected Balance Sheet Data December 31, 2016 Increase Decrease) Current assets 4Cash and cash equivalents 5 Accounts receivable 6 Inventories 7 Prepaid expenses 8 Lan 9 Equipment, net 10 Long-term investments 11 Current liabilities: 12 Accounts payable 13 I interest payable 14 Salary payable 15 Other accrued liabilities 16 Income tax payable 17/ Long-term note payable 18 Common stock 19 Retained earnings 20 Treasury stock 21 $(43,000 27,700 -(9,000) 5,000) 80,300 11,800 (22,400) 7,800) 2,300 7,800 0,300 2,000) (61,100) 147,900 (15,700) 25700
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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