mathxl.com Do Homework-jennifer sanchez ACG 2071 Fall 2017 jennifer sanchez 11/9
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mathxl.com Do Homework-jennifer sanchez ACG 2071 Fall 2017 jennifer sanchez 11/9/17 8:16 PM Homework: Ch.2 Cash Flow Statement Score: 0 of 1 pt Hw Score: 60.16%, 2.41 of 4 pts P13-35A (similar to) Question Help Preston Poster Company, Inc., has the following comparative balance sheet as of March 31, 2014. Click the icon to view the comparative balance sheets. Click the icon to view the transaction data Requirements 1. Prepare the statement of cash flows for Preston Poster Company, Inc., for the year ended March 31, 2014, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. Requirement 1. Prepare the statement of cash flows for Preston Poster Company, Inc., for the year ended March 31, 2014, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating Preston Poster Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2014 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All 5Explanation / Answer
Cash flow indirect method Cash flow from operating activities Net income 76900 Adjustments to reconcile the net income Loss on sale of land 9800 Depreciation expense 13100 Decrease in accounts receivable 2400 Increase in Inventory -6000 Decrease in prepaid insurance 1500 Increase in Accounts payable 1400 Decrease in income tax payable -1200 Decrease in salaries payable -2400 Increase in interest payable 1300 Decrease in accrued liabilities -1900 18000 Cash flow from operating activities 94900 Cash flow from Investing activities Investment purchased -2000 Land sold 50700 Cash flow from Investing activities 48700 Cash flow from Financing activities Common stock 2600 Notes payable retired -60200 Dividends -45400 Cash flow from Financing activities -103000 Net Cash and cash equivalent 40600 Add Beginning cash and cash equivalent 14900 Ending cash and cash equivalent 55500
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