Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can an accountant tutor help me with my homework please. Additional data obtained from the income statement and from an examination of the accounts in
Can an accountant tutor help me with my homework please.
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows: A. Net income, $332,000 B. Depreciation reported on the income statement, $83,400 C. Equipment was purchased at a cost of $162,800 and fully depreciated equipment costing $44,800 was discarded, with no salvage realized. D. The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty. E. 10,000 shares of common stock were issued at $20 for cash. F. Cash dividends declared and paid, $153,600 Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. X Statement of Cash Flows Shaded cells have feedback. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Score: 0/158 Del Ray Enterprises Inc. Statement of Cash Flows 1 Cash flows from operating activities: 2 3 cash Adjustments to reconcile net income to net cash flow from operating activities: 4 5 Changes in current operating assets and liabilities: 6 7 8 9 10 11 12 Cash flows from investing activities: 13 14 15 16 Cash flows from financing activities: 17 18 19 20 21 22 Cash at the beginning of the year 23 Cash at the end of the yearStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started