Refer to the information reported about Kite Corporation in Problem 12-1B.
Required
Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 12A.1; report its operating activities using the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following list of transactions and events.
a. Net income was $57,000.
b. Accounts receivable decreased.
c. Merchandise inventory decreased.
d. Prepaid expenses decreased.
e. Accounts payable decreased.
f. Depreciation expense was $36,600.
g. Sold equipment costing $51,000, with accumulated depreciation of $20,850, for $28,050 cash. This yielded a loss of $2,100.
h. Purchased equipment costing $113,250 by paying $38,250 cash and (i.) by signing a long-term note payable for the balance.
j. Borrowed $6,000 cash by signing a short-term note payable.
k. Paid $45,000 cash to reduce the long-term notes payable.
l. Issued 3,000 shares of common stock for $11 cash per share.
m. Declared and paid cash dividends of $63,000.
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