ZuoTi.Pro
Question

a. Net income for the year was $117,000 b. Dividends of $114,000 cash were declared and paid c. Scoretecks only noncash expense was $87,000 of depreciation d. The company purchased plant assets for $87,000 caslh e. Notes payable of $37,000 were issued for $37,000 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 37,000 Cash Accounts receivable Inventory Plant assets 131,000 137,000 284,000 617,000 1,169,000 94,000 224,000 247,000 704,000 $1,269,000 87,000 37,000 87,000 Balance Sheet-Credit Bal. Accounts 87,000 Accumulated depreciatio Accounts payable Notes payable Common stock Retained earnings 117,000 184,000 387,000 217,000 264,000 204,000 157,000 424,000 217,000 267,000 27,000 37,000 3,000264,000 $ 1,169,000 267,000 $ 1,269,000 Retained earnings 3,000 Statement of Cash Flows Operating activities 117,000 87,000 Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in accounts payable 87,000 37,000 27,000 Investing activities Depreciation expense Financing activities $ 315,000$ 442,000

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

Homework Answers

Answer #1

SCORETECK CORPORATION Spreadsheet for Statement of Cash Flows - Indirect Method 9 0 1 For the Year ended Deember 31,2017 Analysis of Changes Dec. 31, Dec.31, 2016 Debit Credit 2017 Balance Sheet- Debit Bal. Accounts Cash Accounts receivable Inventory Plant assets 131000 137000 284000 617000 1169000 224000 247000 54 87000 5 37000 87000 7 Balance Sheet- Credit Bal. Accounts Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings 117000 184000 387000 217000 264000 1169000 87000 70 27000 157000 424000 217000 267000 37000 73 74 75 114000 117000Statement of Cash Flows Operating activities Net income Depreciation expense Increase in accounts receivable Decrease in merchandise inventory Decrease in accounts payable Investing activities Cash paid to purchase plant assets 76 117000 81 27000 83 Financing activities Cash paid for dividends Cash received from note payable 87 114000 593000 91

0 0
Add a comment
Know the answer?
Add Answer to:
a. Net income for the year was $117,000 b. Dividends of $114,000 cash were declared and...
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

  • a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and...

    a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and paid. c. Scoreteck's only noncash expense was $85,000 of depreciation. d. The company purchased plant assets for $85,000 cash. e. Notes payable of $35,000 were issued for $35,000 cash. plete 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...

  • a. Net income for the year was $110,000. b. Dividends of $100,000 cash were declared and...

    a. Net income for the year was $110,000. b. Dividends of $100,000 cash were declared and paid. c. Scoreteck’s only noncash expense was $80,000 of depreciation. d. The company purchased plant assets for $80,000 cash. e. Notes payable of $30,000 were issued for $30,000 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...

  • fill in the blank box Exercise 12-13AA Indirect: Cash flows spreadsheet LO P4 a Net income for the year was $101,000. b...

    fill in the blank box 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...

  • a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and...

    a. Net income for the year was $115,000 b. Dividends of $110,000 cash were declared and paid. c. Scoreteck's only noncash expense was $85,000 of depreciation. d. The company purchased plant assets for $85,000 cash. e. Notes payable of $35,000 were issued for $35,000 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...

  • Check my work 5 e. Net income for the year was $101,000 b. Dividends of $82.000...

    Check my work 5 e. Net income for the year was $101,000 b. Dividends of $82.000 cesh were declared and paid. c. Scoreteck's only noncesh expense was $71,000 of depreciation. d. The company purchased plant assets for $71,000 cesh e. Notes peyable of $21,000 were issued for $21,000 cash g spreadsheet in preparation of the stetement of cash flows (The statement of cesh flows is not requred.) Report operating ectivites under the indirect method. (Enter all amounts es positive values....

  • Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for...

    Financing Activities on the Statement of Cash Flows Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2047 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common...

  • Cash dividends declared in the current year and paid in the next year are recorded as...

    Cash dividends declared in the current year and paid in the next year are recorded as a cash payment in a.financing activities in the current year. b.operating activities in the current year. c.financing activities in the year paid. d.investing activities in the year paid. Which of the following would be added to net income in computing cash flows from operating activities? a.An increase in accounts receivable b.An increase in inventories c.A decrease in accrued expenses d.A decrease in prepaid expenses...

  • QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year,...

    QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year, accounts receivable and inventory increased by $15.000 and $40.000, respectively. Prepaid expenses and accounts payable decreased by $2.000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a. $284.000 b. $305,000 c. $217,000 d. $224.000 QUESTION 2 The...

  • Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. DAIR...

    Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31, 2011 Sales $ 700,000 Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense 7,000 Interest expense 6,000 Income tax expense 34,000 Loss on bond retirement 5,000 609,000 Net income $91,000 DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31, 2010 Assets Cash $ 45,000 53,000 103,000 12,000 358,000...

  • a. Net income was $478,000. b. Issued common stock for $74,000 cash. c. Paid cash dividend...

    a. Net income was $478,000. b. Issued common stock for $74,000 cash. c. Paid cash dividend of $15,000. d. Paid $125,000 cash to settle a note payable at its $125,000 maturity value. e. Paid $117,000 cash to acquire its treasury stock. f. Purchased equipment for $87,000 cash. Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from financing activities

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