Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to

Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) O'Malley Office Machines, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities O'Malley Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: (Click the icon to view the current accounts.) Requirement (Click the icon to view the transaction data.) 1. Prepare O'Malley Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. O'Malley Office Machines, Inc. December 31 2018 2017 Current assets: Cash and cash equivalents... $ 70,200 $ 21,000 Accounts receivable 69,000 64,400 Inventory... 79,400 83,800 Current liabilities: Accounts payable..... $ 58,700 $ 55,500 Income tax payable. 13,900 16,300 Transaction Data for 2018: Net income.. Purchase of treasury stock..... Issuance of common stock for cash.. $ 57,900 14,200 36,100 Loss on sale of equipment.. 6,000 Payment of cash dividends.... 18,200 Depreciation expense... 22,000 Issuance of long-term note payable in exchange for cash 32,000 Purchase of building for cash... 123,000 Retirement of bonds payable by issuing common stock Sale of equipment for cash... 67,000 50,000

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

Recommended Textbook for

Becoming An Unstoppable Woman In Finance 29 Strategic Financial Experts

Authors: Hanna Olivas, Adriana Luna Carlos, Heather Stokes, Lisa Chastain, Jennifer Lara, Shannon Lavenia, Althia Lopez, Heather Jackson, Annette Morris, Rebecca Chandler

1st Edition

979-8986936703

More Books

Students also viewed these Accounting questions

Question

9. Describe the characteristics of power.

Answered: 1 week ago