eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2019: Monon Cable Television Company Income Statement For the year ended December 31, 2019 Sales $519,000 Less operating expenses: Royalties expense Salaries expense $240,000 26,000 83,000 Utilities expense Supplies expense 13,000 Rent expense 79,000 Depreciation expense 28,000 469,000 Income from operations $50,000 Other income (expenses) Gain on disposal of property, plant and equipment $800 Interest expense (1,800) (1,000) Income before taxes $49,000 Less: Income taxes expense Check My Work 5 more Check My Work uses remaining, Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading : " Net Income $40,000 Monon Cable Television Company Balance Sheets December 31, 2019 and 2018 ASSETS 2019 Current assets: Cash $2,000 $8,000 Accounts receivable 11,300 6,000 Supplies 1,200 1.700 Total current assets $14,500 $15,700 Property, plant, and equipment: Equipment (antenna) $35,000 Buildings $60,000 210,000 190,000 Trucks 75,000 81,000 $351,000 (125,000) $300,000 (131,000) Accumulated depreciation Net property, plant, and equipment 226,000 169.000 Total assets $240,500 $184,700 LIABILITIES AND EQUITY Check My Work 5 more Check My Work uses remaining Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading LIABILITIES AND EQUITY Current liabilities: Accounts payable $6,500 58,000 Rent payable 4,900 13,600 Royalties payable 3,300 3,100 Total current liabilities $14,700 $24,700 Long-term liabilities: 39,890 $54,590 $24,700 Long-term notes payable Total liabilities Equity: Common stock Retained earnings $100,000 $100,000 85.910 60,000 Total equity 185,910 160,000 Total abilities and equity $240,500 $184,700 Additional Information: a. The old antenna with a cost of $35,000 and accumulated depreciation of $34,000 was taken down and sold as scrap for $1,800 cash during 2019. A new antenna was purchased for cash at an installed cost of $60,000 b. Abulding was purchased for $20.000 cash Trucks were purchased for $6,000 cash d. Depreciation expense for 2019 was $28,000. e. A long-term note payable was issued for $39,890 cash 1. Dividends of $14,090 were paid during 2019. Check My Work 5 more Check My Work uses remaining Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading del ruop eBook Calculator Dividends of $14,090 were paid during 2019. Required: Prepare a statement of cash flows, using the Indirect method to compute net cash flow from operating activities. Use a minus sign to enter cash outflows and a net decrease in cash Monon Cable Television Company Stement of Cash Flows for the war ended December 31, 2019 flows from operating activities Adjustments to reconde net income to net cash provided by operating activities: Net cash provided by operating activities Cash flows from vesting activities: Check My Work 5 more Check My Workos remaining Previous All work saved Email instructor Save and Exit Submit Assignment for Grading 8 9 0
