Ryle Exercise Equipment, Inc. reported the following financial statements for 2018:
Prepare the company's statement of cash flows-indirect method-for the year ended December 31, 2018. Assume investments are purchased with cash.
Homework Answers
Statement of Cash Flows for the year ended December 31, 2018
Cash Flow from Operating Activities
Net Income $142000
Adjustments to Reconcile Net Income to Net Cash
Provided by (used for) operating activities :
Depreciation Expense $48000
Increase in Accounts Receivable (5000)
Decrease in Inventory 11000
Increase in Accounts Payable 2000
Decrease in Salary Payable (6000) 50000
Net Cash Provided by Operating Activities 192000
Cash Flow from Investing Activities
Acquisition of Plant Assets (93000)
Investment (19000)
Net Cash used in Investing Activities (112000)
Cash Flow from Financing Activities
Issue of Shares for Cash 9000
Payment of Dividend (72000)
Notes Payable (11000)
Net Cash used in Financing Activities (74000)
Net Increase in Cash $6000
Cash at the beginning of the period $14000
Cash at the end of the period $20000
**Disposal of Plant asset is not taken into account in investing activities because it does not involve cash.
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Ryle Exercise Equipment, Inc. reported the following financial
statements for 2018:
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accumulated depreciation of the disposed asset was $45,700. No cash
was received upon disposal.
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depreciation of the disposed asset was $12,300. There were no sales
of land, no retirement of common stock, and no treasury stock
transactions. Assume plant...
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