XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:
Current Year | Previous Year | |||||
Balance Sheet at December 31 | ||||||
Cash | $ | 35,090 | $ | 30,150 | ||
Accounts Receivable | 36,200 | 28,600 | ||||
Inventory | 42,200 | 38,600 | ||||
Equipment | 130,000 | 106,000 | ||||
Accumulated Depreciation—Equipment | (31,200 | ) | (25,600 | ) | ||
Total Assets | $ | 212,290 | $ | 177,750 | ||
Accounts Payable | $ | 37,200 | $ | 27,600 | ||
Salaries and Wages Payable | 1,090 | 1,350 | ||||
Note Payable (long-term) | 43,400 | 50,000 | ||||
Common Stock | 92,200 | 73,200 | ||||
Retained Earnings | 38,400 | 25,600 | ||||
Total Liabilities and Stockholders’ Equity | $ | 212,290 | $ | 177,750 | ||
Income Statement | ||||||
Sales Revenue | $ | 126,000 | ||||
Cost of Goods Sold | 73,000 | |||||
Other Expenses | 40,200 | |||||
Net Income | $ | 12,800 | ||||
Additional Data:
Required:
1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
XS SUPPLY COMPANY | ||
Statement of Cash Flows | ||
For the Year Ended December 31, Current year | ||
Cash flows from operating activities: | ||
Net income | 12800 | |
Adjustments to reconcile net income to net cash | ||
provided by operating activities: | ||
Depreciation expense | 5600 | |
Increase in accounts receivable | -7600 | |
Increase in inventory | -3600 | |
Increase in accounts payable | 9600 | |
Decrease in Salaries and wages payable | -260 | |
3740 | ||
Net cash provided by operating activities | 16540 | |
Cash flows from investing activities: | ||
Cash payments to purchase equipment | -24000 | |
Net cash used by investing activities | -24000 | |
Cash flows from financing activities: | ||
Cash payments on long-term note | -6600 | |
Cash receipts from issuing stock | 19000 | |
Net cash provided by financing activities | 12400 | |
Net increase in cash during the year | 4940 | |
Cash balance, January 1 | 30150 | |
Cash balance, December 31 | 35090 |
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Previous Year Current Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold other Expenses Net...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
Current Year
Previous Year
Balance Sheet at
December 31
Cash
$
31,850
$
26,750
Accounts
Receivable
33,000
27,000
Inventory
39,000
37,000
Equipment
106,000
90,000
Accumulated
Depreciation—Equipment
(28,000
)
(24,000
)
Total
Assets
$
181,850
$
156,750
Accounts
Payable
$
34,000
$
26,000
Salaries and
Wages Payable
1,050...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 34,960 $ 30,000 Accounts Receivable 35,800 28,400 Inventory 41,800 38,400 Equipment 127,000 104,000 Accumulated Depreciation—Equipment (30,800 ) (25,400 ) Total Assets $ 208,760 $ 175,400 Accounts Payable $ 36,800 $ 27,400 Salaries and Wages Payable 1,360...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net...
XS Supply Company is developing its annual financial statements
at December 31, 2017. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
2017
2016
Balance Sheet at December 31
Cash
$
39,065
$
34,600
Accounts Receivable
46,200
36,200
Merchandise Inventory
49,700
45,100
Property and Equipment
169,750
130,000
Less: Accumulated
Depreciation
(40,200
)
(32,500
)
$
264,515
$
213,400
Accounts Payable
$
47,950
$
34,300
Wages Payable
2,435
2,700...
Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment $ 44,290 27,900 30,900 112,100 (36,600) $ 18,500 30,000 37,000 103,000 (30,500) Total Assets $178,590 $158,000 $ 25,600 790 Accounts Payable Salaries and Wages Note Payable (long-term) Common Stock $ 22,500 1,000...
XS Supply Company is developing its annual fina
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment $ 32.090 33,200 39.200 107.500 (28,200) S 183,790 $ 27,000 27,100 37.100 91.000 (24, 100) $ 158, 100 Accounts Payable Salaries and...