Question
2 5 points BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the
2 5 points BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Current Year Prior Year $38,900 $31,500 35,200 30,900 Merchandise inventory 43,000 39,600 Property and equipment 124,600 101,800 Less Accumulated depreciation (33,000) (26,500) eBook $208,700 $177,300 Accounts payable $39,200 $30,400 Accrued wages expense 2,800 3,700 Print Note payable, long-term 46,300 52,600 Common stock and additional paid-in capital Retained earnings 93,100 74,200 27,300 16,400 References $208,700 $177,300 Income statement for current year Sales $133,000 Cost of goods sold Other expenses Net income: 83,000 39,100 $10,900 Additional Data: a. Bought equipment for cash. $22,800. b. Paid $6,300 on the long-term note payable. c. Issued new shares of stock for $18,900 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,500; wages, $20,400; taxes, $6,500; other, $5,700. f Accounts payable includes only inventory purchases made on credit. Because thed, are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.)
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