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The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized. Current Year Prior Year $129,300 156,00 117.000 224,000 (65,360) $560,940 5146, 100 136,500 126,75e 117.000 (34.000) $492,350 Balance Sheet Assets Cash Accounts receivable Merchandise inventory Property and equipment Lesst Accumulated depreciation Total assets Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders' Equity: Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Depreciation expense Other expenses Net Income $ 19,500 3.900 97,500 $ 23,400 1.950 117.000 176.000 264.000 5560,940 156.000 194,000 $492,350 $580,000 300,000 31, 360 145,000 $ 103,640 Other information from the company's records includes the following . Bought equipment for cash, $107.000 Paid $19.500 on long-term note payable Issued new shares of common stock for $20.000 cash Cash dividends of $33,600 were declared and paid to stockholders Accounts Payable arose from inventory purchases on credit Income tax expense (525,910) and interest expense (55,850) were paid in full at the end of both years and are included in Other Expenses Required: o. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures. (Enter any deductions and WICKERSHAM BROTHERS Inc. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilites Cash Flows from Investing Activities: Cash Flows from Financing Activities: Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, end of period Supplemental Disclosures: Check my wc Depreciation expense Other expenses Net income 31,360 145,000 $183,640 Other information from the company's records includes the following: Bought equipment for cash, $107.000. Paid $19,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $33,600 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($25.910) and interest expense ($5,850) were paid in full at the end of both years and are included in Other Expenses. Required: a. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures. (Enter any deductions and cash outflows as a negative value.) WICKERSHAM BROTHERS Inc. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities Changes in current assets and current liabilites
