ezto.mheducation.com ts annual financial statements at December 31, 2015. The st

Question

ezto.mheducation.com ts annual financial statements at December 31, 2015. The statements are balance sheets and income s developing Hunter Company i complete except for the statement of statement are summarized: cash flows. The completed comparative 20152014 S 46,220 17,000 27,000 34,000 Balance Sheet at December 31 Cash Accounts Receivable 25,200 28200 100,000 108,800100,000 $172,220$149,000 2380021,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Eamings 820 36,000 79,000 32,600 1,000 46,000 58,000 $172220 $149,000 Income Statement for 2015 Sales Revenue Cost of Goods Sold Other Expenses $112,000 67,000 31,800 Net Income $13,200 Additional Data a. Bought equipment for cash, $8,800 b. Paid $10,000 on the long-term note payable. c. issued new shares of stock for $21,000 cash. d. Declared and paid a $3,600 cash dividencd e. Other expenses included depreciation, ncluded depreciation, $7.200, salaries and wages, $11,200, taxes, $4,200; utilities $9,200. . Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required 1. Prepare the stanement af cash flows for the year ended December 31, 2015, using the indirect method. Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows

Explanation / Answer

Statement of cash flow cash from operating activities net income for the year 13,200 Adjustments to reconcile Depreciation expense 7,200 decrease in accounts receivable 1800 decrease in inventory 5800 increase in accounts payable 2800 Decrease in salries and wages payable -180 17,420 cash from operating activities 30,620 cash from investing activities cash paid for purchase of Equipment -8,800 Cash used by investing activities -8,800 cash from financing activitiy cash dividend -3,600 cash paid on notes payable -10,000 cash from share issue 21,000 cash from fiancing activity 7,400 Net increase in cash 29,220 Cash at the beginning 17,000 Cash at year end 46,220

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.