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dont know how to do accounts and numbers Saved Save & Exit Help The management team of Wickersham Brothers Inc. is preparing its annual financial
dont know how to do accounts and numbers
Saved Save & Exit Help The management team of Wickersham Brothers Inc. is preparing its annual financial statements. T statements are complete except for the statement of cash flows. The completed comparative bala sheets and income statements are summarized Current Year Prior Year $ 53,700 84,000 63,000 116,800 22,240) $284,460 $ 75,900 73,500 68,250 63,000 16.000) $264,650 Balance Sheet Assets Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Total assets Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders Equity: Common stock Retained earnings Total liabilities and stockholders' equity Incose Statement Sales Cost of goods sold Depreciation expense Other expenses Net income $ 10,500 2,100 52,500 $ 12,600 1,050 63,000 184, eee 115,360 $284,460 84,000 164,000 $264,650 $220,000 120,000 16,240 55.000 $ 28,760 Other information from the company's records includes the following Bought equipment for cash. $53.000. Paid $10,500 on long-term note payable Issued new shares of common stock for $20,000 cash Cash dividends of $17.400 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit Income tax expense (57.190) and interest expense ($3.150) were paid in full at the end of both ye and are included in Other Expenses. Required: o. Prepare the statement of cash flows using the Indirect method. Include any supplemental disclo- (Enter any deductions and cash outflows as a negative value.) Step by Step Solution
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