The comparative balance sheet of Northem Movie Theatre Company at March 31, 2020, reported the following...

Transcribed Image Text:

The comparative balance sheet of Northem Movie Theatre Company at March 31, 2020, reported the following (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following Click the icon to view the transaction data. Current accounts - X end Transaction data Bow 2020 March 31, 2019 Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income tax payable $ 2.700 5 14,500 14,200 63.100 60,500 3,200 2.300 21,900 plet din 58.000 56,000 14,500 17.500 14,400 10,700 Print Done Acquisition of land by issung note payable Payment of cash dividend Cash purchase of equipment Issuance of long-term note payable to borrow cash $ 100,000 Depreciation expense Sale of long-term investment $13,400 35,700 29,000 Cash purchase of bolding 78,800 Net income 46,000 52,000 Issuance of common shares for cash 7,000 47,000 Shreddend 18.000 Print Done The comparative balance sheet of Northern Mowe Theatre Company at March 31, 2020, reported the following (Click the icon to view the current accounts.) Northem's transactions during the year ended March 31, 2020 included the following (Click the icon to view the transaction data.) Requirements 1. Prepare Northem Movie Theatre Company's statement of cash flows for the year ended March 31, 2020, using the indirect method to report cash flows from operating activities Report non-cash investing and s financing activities in an accompanying schedule. 2. Evaluate Northem's cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation Requirement 1. Prepare Northern Move Theatre Company's statement of cash flows for the year ended March 31, 2020, using the indirect method to report cash flows from operating activities. Report non-cash investing and financing activities in an accompanying schedule Start by completing the cash flows from operating activities. Then, continue with completing the investing and financing activities sections. Finally, determine the net increase (decrease) in cash. (Use a minus sign or parentheses for subtracting numbers that are typically shown enclosed in parentheses in a statement of cash flows.) Northern Movie Theatre Company Statement of Cash Flows For the Year Ended March 31, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net casty provided by operating activities; Depreciation Decrease in accounts receivable Increase in inventories increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended Marc financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and giv Northern Movie Theatre Company Statement of Cash Flows For the Year Ended March 31, 2020 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Decrease in accounts receivable Increase in inventories Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income tax payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported the following: (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended March 31, 2020, u financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and give the reason Decrease in accrued liabilities Increase in income tax payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Purchase of building Sale of long-term investment Net cash used for investing activities Cash flows from financing activities: Issuance of long-term note payable Issuance of common shares Payment of cash dividends Net cash provided by financing activities Net increase (decrease) in cash Cash balance, March 31, 2019 Cash balance, March 31, 2020 The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended Marc financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and gi Sale of long-term investment Net cash used for investing activities Cash flows from financing activities: Issuance of long-term note payable Issuance of common shares Payment of cash dividends Net cash provided by financing activities Net increase (decrease) in cash Cash balance, March 31, 2019 Cash balance, March 31, 2020 Non-cash investing and financing activities: Acquisition of land by issuing note payable Requirement 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flo Northern Movie Theatre's cash flow looks Operations The c Non-cash investing and financing active Acquisition of land by issuing note payable Requirement 2. Evaluate Northem's cash flows for the year Mention all three categories of cash flows, and give the reason for your evaluation. Northern Mone Theatre's cash flow looks Operations The company is The financing appears reasonable The comparative balance sheet of Northem Movie Theatre Company at March 31, 2020, reported the following (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following Click the icon to view the transaction data. Current accounts - X end Transaction data Bow 2020 March 31, 2019 Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income tax payable $ 2.700 5 14,500 14,200 63.100 60,500 3,200 2.300 21,900 plet din 58.000 56,000 14,500 17.500 14,400 10,700 Print Done Acquisition of land by issung note payable Payment of cash dividend Cash purchase of equipment Issuance of long-term note payable to borrow cash $ 100,000 Depreciation expense Sale of long-term investment $13,400 35,700 29,000 Cash purchase of bolding 78,800 Net income 46,000 52,000 Issuance of common shares for cash 7,000 47,000 Shreddend 18.000 Print Done The comparative balance sheet of Northern Mowe Theatre Company at March 31, 2020, reported the following (Click the icon to view the current accounts.) Northem's transactions during the year ended March 31, 2020 included the following (Click the icon to view the transaction data.) Requirements 1. Prepare Northem Movie Theatre Company's statement of cash flows for the year ended March 31, 2020, using the indirect method to report cash flows from operating activities Report non-cash investing and s financing activities in an accompanying schedule. 2. Evaluate Northem's cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation Requirement 1. Prepare Northern Move Theatre Company's statement of cash flows for the year ended March 31, 2020, using the indirect method to report cash flows from operating activities. Report non-cash investing and financing activities in an accompanying schedule Start by completing the cash flows from operating activities. Then, continue with completing the investing and financing activities sections. Finally, determine the net increase (decrease) in cash. (Use a minus sign or parentheses for subtracting numbers that are typically shown enclosed in parentheses in a statement of cash flows.) Northern Movie Theatre Company Statement of Cash Flows For the Year Ended March 31, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net casty provided by operating activities; Depreciation Decrease in accounts receivable Increase in inventories increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended Marc financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and giv Northern Movie Theatre Company Statement of Cash Flows For the Year Ended March 31, 2020 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Decrease in accounts receivable Increase in inventories Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income tax payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported the following: (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended March 31, 2020, u financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and give the reason Decrease in accrued liabilities Increase in income tax payable Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Purchase of building Sale of long-term investment Net cash used for investing activities Cash flows from financing activities: Issuance of long-term note payable Issuance of common shares Payment of cash dividends Net cash provided by financing activities Net increase (decrease) in cash Cash balance, March 31, 2019 Cash balance, March 31, 2020 The comparative balance sheet of Northern Movie Theatre Company at March 31, 2020, reported (Click the icon to view the current accounts.) Northern's transactions during the year ended March 31, 2020 included the following: (Click the icon to view the transaction data.) Requirements 1. Prepare Northern Movie Theatre Company's statement of cash flows for the year ended Marc financing activities in an accompanying schedule. 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flows and gi Sale of long-term investment Net cash used for investing activities Cash flows from financing activities: Issuance of long-term note payable Issuance of common shares Payment of cash dividends Net cash provided by financing activities Net increase (decrease) in cash Cash balance, March 31, 2019 Cash balance, March 31, 2020 Non-cash investing and financing activities: Acquisition of land by issuing note payable Requirement 2. Evaluate Northern's cash flows for the year. Mention all three categories of cash flo Northern Movie Theatre's cash flow looks Operations The c Non-cash investing and financing active Acquisition of land by issuing note payable Requirement 2. Evaluate Northem's cash flows for the year Mention all three categories of cash flows, and give the reason for your evaluation. Northern Mone Theatre's cash flow looks Operations The company is The financing appears reasonable