2. EXAM 4 CHAPTERS 12 & 13 3. 4. 5. Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2018, is as follows: Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Dec. 31, 20Y9 Dec. 31, 20Y8 $308,190 $287,680 111,650 103,320 315,160 305,900 0 118,520 161,650 0 347,730 270,460 (81,410) $1,162,970 (72,930) $1,012,950 $210,500 $199,550 20,930 26,340 11,630 9,120 62,800 49,630 236,080 137,750 621,030 590,550 $1,162,970 $1,012,950 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash. EXAM 4 CHAPTERS 12 & 13 Statement of Cash flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2018, is as follows: Dec. 31, 2019 Dec. 31, 20YS Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $308,190 $287,680 111,650 103,320 315,160 305,900 118,520 161,650 0 347,730 270,440 (61,410) (72.930) $1,162,970 $1,012,950 $210,500 $199,550 20,930 26,340 11,630 9,120 62,000 49,630 236,080 137,760 621,030 590,550 $1,162,970 $1,012,950 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash. EXAM 4 CHAPTERS 12 & 13 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $138,670 cash. d. The common stock was issued for cash. e. There was a $78,090 credit to Retained Earnings for net income. f. There was a $47,610 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and abilities: Net cash flow from operating activities Cash flows from (used for) investing activities 00 0000 QOC 0 EXAM 4 CHAPTERS 12 & 13 Progress: 1/6 items Statement of Cash FLOWS For the Year Ended December 31, 2019 Cash flows from (used for) operating activities Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 2019 Cash balance, December 31, 2019 b. 000 0000 00 000000 Next>>