Question

Exercise 12-13AA Indirect: Cash flows spreadsheet LO P4 a Net income for the year was $101,000. b. Dividends of $82,000 cash were declared and paid. c. Scoreteck's only noncash expense was $71,000 of depreciation d. The company purchased plant assets for $71,000 cash. e. Notes payable of $21,000 were issued for $21,000 cash Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Report operating activities under the indirect method. (Enter all amounts as positive values.) SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows-Indirect Method For Year Ended December 31, 2017 Dec. 31, Analysis of Changes Dec. 31, 2016 Debit Credit 2017 Balance Sheet-Debit Bal. Accounts $ Cash 83,000 62,000 121,000 252,000 192,000 231,000 672,000 $1,157,000 Accounts receivable Inventory Plant assets 601,000 $ 1,057,000 Balance Sheet-Credit Bal Accounts 101,000 152,000 371,000 201,000 232,000 172,000 Accumulated depreciation Accounts payable Notes payable $ S 141,000 392,000 201,000 Common stock 251,000 $1,157,000 Retained earnings $1,057,000 Statement of Cash Flows Operating activities Investing activities Financing activities 0$ $ 0

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Answer 1

SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows Indirect Method For Year Ended December 31, 2017 Analysis of Changes Dec. 31, 2017 Dec. 31, 2016 Ba lance Sheet Debit Bal. Accounts Debit Credit Cash 83000 62000 Accounts Receivable 71000 121000 192000 Inventory 21000 252000 231000 Plant Assets 672000 601000 71000 1157000 1057000 Ba lance Sheet Credit Bal. Accounts - Accumulated Depreciation Accounts Payable 172000 101000 71000 152000 11000 141000 Notes Payable 371000 21000 392000 Common Stock 201000 201000 Retained Earnings 101000 232000 82000 251000 1057000 1157000 Statement of Cash Flows Operating Activities Net Income 101000 Depreciation Expense 71000 Increase in Accounts Receivable 71000 Decrease in Inventory 21000 Decrease in Accounts Payable Investing Activities Cash Paid to Purchase Plant Assets 11000 71000 Financing Activities Cash Paid for Dividends 82000 Cash Received from Note Payable 21000 449000 449000