PA12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-5]
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 | $ | 32,330 | $ | 27,250 | ||
Accounts Receivable | 33,400 | 27,200 | ||||
Inventory | 39,400 | 37,200 | ||||
Equipment | 109,000 | 92,000 | ||||
Accumulated Depreciation—Equipment | (28,400 | ) | (24,200 | ) | ||
Total Assets | $ | 185,730 | $ | 159,450 | ||
Accounts Payable | $ | 34,400 | $ | 26,200 | ||
Salaries and Wages Payable | 1,130 | 1,250 | ||||
Note Payable (long-term) | 30,800 | 36,000 | ||||
Common Stock | 83,800 | 71,800 | ||||
Retained Earnings | 35,600 | 24,200 | ||||
Total Liabilities and Stockholders’ Equity | $ | 185,730 | $ | 159,450 | ||
Income Statement | ||||||
Sales Revenue | $ | 112,000 | ||||
Cost of Goods Sold | 66,000 | |||||
Other Expenses | 34,600 | |||||
Net Income | $ | 11,400 | ||||
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.)
PA12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO...
pls help ?? PA12-3 Preparing a Statement of Cash Flows (Indirect Method) (LO 12-2, LO 12-3, LO 12-4, LO 12-5] 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)...
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value 10.00 points PA12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-5 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 Year Balance Sheet at December 31 Cash Accounts Receivable s 33,580$ 28,550 27,700 37.700 97,000 34400 40.400 116.500 (29,400)(24,700) Equipment Accumulated Depreciation-Equipment $ 195,480$166.250 Accounts...
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Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
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