Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone show how to prepare a statement of cash flow using the indirect method using the information provided in this picture The following are
can someone show how to prepare a statement of cash flow using the indirect method using the information provided in this picture
The following are Marin Corp.'s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. COMPARATIVE BALANCE SHEETS Increase (Decrease) S104,900 2016 $703,500 1,168,800 1,731,000 2,949,500 (1,153,400)(1,039,600)(113,800) 2017 $808,400 1,117,000 1,861,000 3,286,500 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co Loan receivable (51,800) 130,000 337,000 312,100 247,900 $6,479,500 272,900 39,200 247,900 $693,400 $5,786,100 Total assets Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings $1,007,300 29,700 79,200 396,700 500,000 1,485,200 2,981,400 $6,479,500 $53,100 (20,000) (20,300) 396,700 $954,200 49,700 99,500 500,000 1,485,200 2,697,500 $5,786,100 283,900 $693,400 Total liabilities and stockholders' equity Additional information: 1" on December 31, 2016, Marin acquired 25% of Myers Co.'s common stock for $272,900. On that date, the carrying value of Myers's assets and liabilities, which approximated their 2. During 2017, Marin loaned $296,700 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $48,800, plus interest at 10%, on December 31, 3. On January 2, 2017, Marin sold equipment costing $59,700, with a carrying amount of $37,600, for $40,300 cash fair values, was $1,091,600. Myers reported income of $156,800 for the year ended December 31, 2017. No dividend was paid on Myers's common stock during the year. 2017 4. On December 31, 2017, Marin entered into a capital lease for an office building. The present value of the annual rental payments is $396,700, which equals the fair value of the building. Marin made the first rental payment of $59,600 when due on January 2, 2018 5. Net income for 2017 was $363,100 6. Marin declared and paid the following cash dividends for 2017 and 2016 2017 2016 Declared December 15, 2017 December 15, 2016 2017 2016 Declared Paid Amount December 15, 2017 February 28, 2018 $79,200 December 15, 2016 February 28, 2017 $99,500 Prepare a statement of cash flows for Marin Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MARIN CORP Statement of Cash Flows Adjustments to reconcile net income to Question Attempts: Unlimited Copyright2000-2019 by John Wiey&Sons, Inc or related comparies. All rights reseStep 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