PR 13-3B Statement of cash flows-indirect method The comparative balance sheet o

Question

PR 13-3B Statement of cash flows-indirect method The comparative balance sheet of Coulson, Inc, at December 31, 20Y2 and 20Y1, is Obl 2,3,A, 2 and 20Y1, is as followy Dec. 31, 20Y Dec. 31,201 Assets 300,600 337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 (162,000 $4,217,400 Cash 704,400 918,600 8,600 990,000 1,980,000 (397,200) 660,600 (133,200) Inventories Land Accumulated depreciation-buildings.. Equipment . Accumulated depreciation-equipment.. Total assets. 55042,400 $4217400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) ····, , , , , , , , , , , , , , Income taxes payable Bonds payable s 594,000 26,400 330,000 320,000 950,000 2,822,000 631,200 21,600 180,000 810,000 2,574,600 $4,217,400 Paid-in capital: Excess of issue price over par-common stock.... Total liabilities and stockholders' equity. $5042400 $4217,400

Explanation / Answer

Statement of cash flow

for the year ended Dec 31,20Y2

Statement of cash flow

for the year ended Dec 31,20Y2

cash flow from operating activity Net Income 326600 Adjustment to reconcile net income to cash flow Depreciation -building 31200 Depreciation -equipment 37200 Gain on sale of land [456000-396000] (60000) Increase in receivables [704400-609600] (94800) Increase in inventories [918600-865800] (52800) Decrease in prepaid expense [26400-18600] 7800 Decrease in payables (37200) Increase in income tax payable 4800 (103800) net cash provided by operating activity [A] 162800 Cash flow from investing activity sale of land 456000 purchase of building (990000) purchase of equipment (196800) net cash used by investitng activity [B] (730800) Cash flow from financing activity issue of bond payable 330000 issue of common stock [140000+140000] 280000 dividend paid (79200) cash flow from financing activity [c[ 530800 Increase/(decrease) in cash [A+B+C] -37200 bEGINNING cash balance 337800 Balance at end 300600

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