Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on the data below, complete a Statement of Cash Flows, using the indirect method Cash Balance, 1-1-16: $200,000 A/R, 1-1-16: $50,000 A/R, 12-31-16: $40,000

Based on the data below, complete a Statement of Cash Flows, using the indirect method

Cash Balance, 1-1-16: $200,000

A/R, 1-1-16: $50,000

A/R, 12-31-16: $40,000

A/P, 1-1-16; $60,000

A/P, 12-31-16: $55,000

Inventory, 1-1-16: $80,000

Inventory, 12-31-16: $90,000

Income Tax Payable, 1-1-16: $40,000

Income Tax Payable, 12-31-16: $50,000

Accrued Interest Receivable, 1-1-16: $4000

Accrued Interest Receivable, 12-31-16: $5000

Accrued Interest Payable, 1-1-16: $10,000

Accrued Interest Payable, 12-31-16: $12,000

Depreciation = $10,000

Purchased Land on 1-1-16: $1,000,000

Sold Equipment on 1-1-16: $500,000

Issued Common Stock on 1-1-16: $1,500,000

Issued Bonds on 1-1-16; $500,000

Paid Cash Dividends on 9-1-16: $50,000

Net Income : $2,000,000

Cash Balance, 12-31-16: ?

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