Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has gathered data to be used in preparing the statement of cash flows (indirect method). Listed below, in no particular order, are items

image text in transcribed
image text in transcribed
image text in transcribed
A company has gathered data to be used in preparing the statement of cash flows (indirect method). Listed below, in no particular order, are items to be included in that statement Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock $ 229,000 26,000 7.000 40,000 16,000 50,000 23,000 10,000 60.000 50,000 4,500 249,000 Prepare the company's statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) CEO CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile not income to net cash flows from operating activities: indicated by minus sign.) CEO CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period (39,500) 100,000 60,500 A company's financial statements include the following selected data ($ in millions): Sales, $22,600; Net Income, $900; Beginning stockholders' equity, $3,520, Ending stockholders' equity, $4.140, Calculate the return on equity. (Round your answer to 1 decimal place.) Rietumon equity %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions