On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period.
Stock was issued for cash-3,200 shares at par.
Net income for the current year was $76,000.
Cash dividends declared and paid were $13,000.
|
Current Year |
Prior Year |
|
|
Assets |
||
| Cash |
$ 170,000 |
$74,000 |
| Accounts Receivable (net) |
78,000 |
85,000 |
| Inventories |
106,500 |
90,000 |
| Equipment |
395,000 |
370,000 |
| Accumulated Depreciation |
(195,000) |
(158,000) |
| Total assets |
$ 554,500 |
$461,000 |
|
Liabilities and stockholders' equity |
||
| Accounts Payable (merchandise creditors) |
$51,000 |
$50,000 |
| Taxes Payable |
2,500 |
5,000 |
| Common Stock, $10 par |
262,000 |
230,000 |
| Retained Earnings |
239,000 |
176,000 |
| Total Liabilities and Stockholders' Equity |
$ 554,500 |
$461,000 |
Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
| Breach Co. | ||
| Statement of Cash Flows | ||
| For Year Ended December 31 | ||
| Cash flows from operating activities: | ||
| Net income | $ | |
| Adjustments to reconcile net income to net cash flow from operating activities: | ||
| Changes in current operating assets and liabilities: | ||
| Increase in accounts payable | ||
| Net cash flow from operating activities | $ | |
| Cash flows from investing activities: | ||
| $ | ||
| Net cash flow used for investing activities | ||
| Cash flows from financing activities: | ||
| $ | ||
| Net cash flow provided by financing activities | ||
| $ | ||
| Cash at the beginning of the year | ||
| Cash at the end of the year | ||
Homework Answers
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
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On the basis of the following data for Breach Co. for the
current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) Inventories...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $ 170,000 $74,000 Accounts...
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On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) $74,000...
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Calculator On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net)...
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000....
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $170,000 $74,000 Accounts Receivable (net) 78,000 85,000 Inventories 106,500 90,000 Equipment 370,000 395,000 Accumulated Depreciation (195,000) (158,000) $554,500 $461,000 Total assets Liabilities and stockholders' equity Accounts Payable (merchandise creditors) $51,000 $50,000 Taxes Payable 5,000 2,500 Common Stock, $10 par 262,000 230,000 Retained Earnings 239,000 176,000 554,500 $461,000 Total Liabilities Stockholders' Ec...
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On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) Inventories...
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On the bass of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash ons using the indirect method assume that equipment costing $25,000 was purchased for cash and no long term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $ 76,000. Cash dividends declared and paid were $13,000 Current Year Prior Year Assets Cash Accounts Receivable...
Calculator On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net)...
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $170,000 $74,000 Accounts Receivable (net) 78,000 85,000 Inventories 106,500 90,000 Equipment 370,000 395,000 Accumulated Depreciation (195,000) (158,000) $554,500 $461,000 Total assets Liabilities and stockholders' equity Accounts Payable (merchandise creditors) $51,000 $50,000 Taxes Payable 5,000 2,500 Common Stock, $10 par 262,000 230,000 Retained Earnings 239,000 176,000 554,500 $461,000 Total Liabilities Stockholders' Ec...
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