Check my work Exercise 12-1 Indirect: Cash flow classification LO C1 points The following transactions and events occurred during the year. Assuming that this company uses the indirect method to report cash provided by operating activities, indicate where each item would appear on its statement of cash flows by placing an X in the appropriate columns) (More than one column may be used.) Statement of Cash Flows Operating Activities Investing Activities Noncash Investing & Financing Activities Not Reported on Statement or In Notes Financing Activities a Declared and paid a cash dividend Recorded depreciation expense cPaid cash to settle long term note payable Prepaid expenses increased in the year Accounts receivable decreased in the year Purchased land by issuing common stock 9. Inventory increased in the year Sold equipment for cash, yleling a los Accounts payable decreased in the year Income taxes payable increased in the year $1,952,000 956,480 995,520 points SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 267,424 Depreciation expense 46,348 Rent expense 52,784 Amortization expenses-Patents 5,856 Utilities expense 21,472 Gain on sale of equipment Net income 394,384 601,216 7,808 $ 609,024 Changes in current asset and current lability accounts for the year that relate to operations follow Print Accounts receivable Inventory Dofrece $10,050 Increase 16,575 Increase Accounts payable Salaries payable $ 9,000 decrease 3,800 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcie net income to net cash provided by coerating actives income statement i s not affecting cath Changes in current operating ass Exercise 12-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31, 2017 (Amounts to be deducted should be indicated with a minus sign.) points Selected 2017 Income Statement Data Net income $415,000 Depreciation expense 44,300 Amortization expense 8.00 Gain on sale of plant assets 7,000 Selected Year-End 2017 Balance Sheet Data Accounts receivable decrease 564,300 Inventory decrease 44,00 Prepaid expenses increase 5.600 Accounts payable decrease 8.200 Salaries payable increase 1,300 Cash flows from operating activities loro Adjustments to reconcile net income to net cash provided by operating activities Exercise 12-7 Cash flows from investing activities LO P3 points a. Equipment with a book value of $83,000 and an original cost of $169,000 was sold at a loss of $34,000. b. Paid $109,000 cash for a new truck c. Sold land costing $320,000 for $430,000 cash, yielding again of $110,000 d. Long-term investments in stock were sold for $94.900 cash, yielding again of $16.250. Book Use the above information to determine this company's cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from investing activities References 07. Exercise 12-8 Cash flows from financing activities LO P3 points a. Net income was $468,000 b. Issued common stock for $72,000 cash c. Paid cash dividend of $15.000 d. Paid $105,000 cash to settle a note payable at its $105.000 maturity value e. Paid $122.000 cash to acquire its treasury stock f. Purchased equipment for $89.000 cash Book Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Toode Cash flows from financing activities References 0 Exercise 12-10 Analyzing cash flow on total assets LO A1 A company reported average total assets of $1.240,000 in 2016 and $1,510,000 in 2017. Its net operating cash flow was $102.920 in 2016 and $138.920 in 2017 Complete the below table to calculate its cash flow on total assets ratio for both years. Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio 2016: 2017: ei oo