Question

S11-7 (similar to) Question Help stio Inland Equipment's accountants assembled the following data for the year ended June 30, 2018. (Click the icon to view the data.) Prepare Inland Equipment's statement of cash flows for the year ended June 30, 2018, using the indirect method. The cash balance for Inland Equipment, Inc., at June 30, 2017, was $17,000 ation Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) tincor yment ceeds of cor Inland Equipment, Inc. Statement of Cash Flows Year Ended June 30, 2018 Cash flows from operating activities: ales rey crease other urchase Adjustments to reconcile net income to net cash provided by operating activities: re Edmi the indir by com Flow stal Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer. 3 parts s remaining Clear All Check Answer Year Ended June 30, 2018

Answer 1

Inland Equipment, Inc.
Statement of Cash Flows
Year Ended June 30, 2018
Cash flows from operating activities:
Net income		$59000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	23000
Increase in current assets other than cash	-38000
Decrease in current liabilities	-7000	-22000
Net cash provided by (used for) operating activities		37000
Cash flows from investing activities:
Purchase of equipment with cash	-44000
Proceeds from sale of land	64000
Net cash provided by investing activities		20000
Cash flows from financing activities:
Proceeds from issuance of common stock	15000
Payment of dividends	-5700
Purchase of treasury stock	-3000
Purchase of long term note payable	-33000
Net cash used in financing activities		-26700
Net cash increase (decrease) in cash (37000+20000-26700)		$30300
Add: Cash balance, June 30, 2017		17000
Cash balance, June 30, 2018		$47300