ZuoTi.Pro
Question

CHENG INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2020 $119,400 92,500 112,600 29,100 140,600 264,200 2019 $47,400 32,000 102,600 25,300 114,700 243,000 (46,400) (51,600) $712,000$513,400 Total Liabilities and Stockholders Equity Accounts payable Accrued expenses payablee Bonds payable Common stock Retained earnings $68,000 17,500 149,100 175,100 103,700 $712,000$513,400 $111,700 16,300 115,300 220,000 248,700 Total

CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue $391,900 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $135,000 11,200 33,200 27,600 4,300 7,500 218,800 $173,100 Net income Additional information: 1. New equipment costing $79,900 was purchased for cash during the year 2. Old equipment having an original cost of $58,700 was sold for $12,800 cash 3. Bonds matured and were paid off at face value for cash 4. A cash dividend of $28,100 was declared and paid during the year Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g (15,000).)

CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable

CALCULATOR MESSAGE Decreas e in Accrued Expenses ayable V Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Investments Sale of Plant Assets Purchase of Plant Assets Net Cash Used by Investing Activities Cash Flows from Financing Activities

Help me solve. Prepare a statement of cash flows using the indirect method. Need help solving for the answers in the red highlighted blanks.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

The cash flow statement in indirect method is below.

Fatement of Cauhyflws for -the year ended bec. 3, 2020 A) Cath floo from Opearting Acfivitfes 173/oo Net Incom e utmens to reuonelle net inome to Net eash provided by Opertin Acvi tes 33,200 Depreeiation Expens e Loss on dispot al of plant atsefs 1 $-ISOO $10,000) Increase th Investory Increase ใก prepaid penses Jncrae to hepunt pays ble Decr eu n Ace rue d Éxpenses payable ($3800) $43,700 au able (*1200 ($120。) { $8700 Net cash provided by Operatrng Actintel 82,000 Aunchake of Inves tment.s ($25,90 Sale of Plant Asset purchse of plast Mtits 514 ,10o) $12,80 O let cash flsed by lnves ting Aclivitfes $43,000Cah faws fron Frundiy Aachtulifte $33 8D0 $49,900 ($28, 100) isted lemmon stock bividends paid Net cash used by)FmandnaAcfrwhes (s17,000) T2,000 (千YT400 $1/9,900 ndld pening leagntry cah Eelanie clostna Endtng Cash Balance

0 0
Add a comment
Know the answer?
Add Answer to:
Help me solve. Prepare a statement of cash flows using the indirect method. Need help solving...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Please help me to prepare a statement of cash flows using the indirect method Thank you...

    Please help me to prepare a statement of cash flows using the indirect method Thank you Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC Comparative Balance Sheets December 31 Assets 2020 2019 Cash $105,400 $48,900 Accounts receivable 91,000 33,700 Inventory 111,400 101,900 Prepaid expenses 29,700 25,100 Investments 139,800 114,100 Equipment 264,500 241,200 Accumulated depreciation-equipment (46,900) (51,600) Total $694,900 $513,300 Liabilities and Stockholders' Equity Accounts payable $111,400 $67,300 Accrued expenses payable Bonds payable 16,400 17,300 119,400 150,000 Common...

  • Help me fill in the blanks! Prepare a statement of cash flows using the indirect method....

    Help me fill in the blanks! Prepare a statement of cash flows using the indirect method. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $10,700 23,800 26,300 70,100 (10,700) $14,500 20,800 19,600 70,100 (15,000) Total $110,000 $120,200 Accounts payable Common stock Retained earnings $11,800 75,000 23,200 $110,000 $28,300 73,400 18,500 $120,200 Total Additional information 1. Net income was $22,800. Dividends declared and paid were $18,100 2. No noncash investing and financing activities...

  • CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from...

    CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities A 5 Net Income 176,700 176,700 djustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense 29,500 Loss on Disposal of Plant Assets 7,500 Increase in Accounts Receivable Increase in Inventory T -10,100 Increase in Prepaid Expenses A T -3,400 Increase in Accounts Payable ) 43,400 Decrease in Accrued Expenses Payable T -900 | © 2000-2019 John Wiley &...

  • Help ASAP please!! Cash Flows from Operating Activities-indirect Method Staley Inc. reported the following data: Net...

    Help ASAP please!! Cash Flows from Operating Activities-indirect Method Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable $465,400 68,100 29,900 21,700 Increase in accounts payable 12,700 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial)...

  • Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...

    Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hoover Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) A (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hoover Industries, Inc., for the year ended December 31, 2017, using the indirect method. Prepare the statement one section at...

  • Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $273,200 Depreciation...

    Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $273,200 Depreciation expense 51,900 Loss on disposal of equipment 31,500 Increase in accounts receivable 11,200 Increase in accounts payable 11,400 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from...

  • Your answer is partially correct. Try again. Condensed financial data of Cheng Inc. follow. CHENG INC....

    Your answer is partially correct. Try again. Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment Total $116,800 92,000 111,800 29,200 139,100 265,400 (47,900) $706,400 $48,100 32,300 102,000 25,200 113,000 242,300 (51,400) $511,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 111,600 16,300 112,600 220,100 245,800 $706,400 $68,000 17,100 149,000 176,000 101,400 $511,500...

  • Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year:...

    Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...

  • Help me with the cash flow statement using the indirect method please. 2016 IKIBAN INC. Comparative...

    Help me with the cash flow statement using the indirect method please. 2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27.000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par...

  • The answers boxed in red are incorrect. Please help me solve. Problem 17-9A Your answer is...

    The answers boxed in red are incorrect. Please help me solve. Problem 17-9A Your answer is partially correct. Try again. Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2017 Cash $105,400 Accounts receivable 91,000 Inventory 111,400 Prepaid expenses 29,700 Investments 139,800 Equipment 264,500 Accumulated depreciation-equipment (46,900) Total $694,900 2016 $48.900 33,700 101,900 25,100 114,100 241,200 (51,600) $513,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT