Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with these questions. Please, if you know help me

Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with these questions. Please, if you know help me

image text in transcribedimage text in transcribed
PA12 - 3 Preparing a Statement of Cash Flows ( Indirect Method ) [ LO2, LO3 , LOA , LOS ] *5 Supply Company' is developing its annual financial statements at December 31 , 20417. The statements are complete except for the statement of cash flows . The completed comparative balance Sheets and income Statement are Summarized . 2017 2015 Balance Sheet at OCCarber 3 1 Cash \\DOT ' TE HEcounts ACCEL VELLE Merchandise Inventory* $2 , 100 FICPETTY and EquiREEnt 125 . 950 1 10 . 60S Legs ! Accumulated Depreciation 135 , 450!) $7 , 5091 $ 125 , 200 $ 158 , 10.0 Accounts Forable $ 6 . 500 $1, 200 HATES Fajable 1 . 170 1 , $50 Hate Payable , Long - TERM 37 . 4010 * E , 200 Contributed Capital BE , 150 Retained Earnings 24, 450 $ 125 , 200 $ 148 , 10.0 INCOME Statement For 2017 Sales 151 . 500 Cost Of Goods Sold Other EXPENSES $2 , 100 Net INCOME 5 1 1 , 130 Additional Data` & . Bought Equipment for cash , $15. 750 6. Paid $10. 300 on the long-term note payable { . Issued new shares for $ 23. 250 cash . `. No dividends were declared or paid. {. Other expenses included depreciation. $ 7. 950. wages, $27.090; taxes . Stood; other, $ 10. 35.0 1. Accounts Payable includes only inventor, purchases made on credit . BECAUSE there are no liability' accounts relating to taxes or Other EXPENSES , assume that these EXPENSES were fully, paid in cash .Required :` 1. Prepare the statement of cash flows for the year Ended December 31, 2017, using the indirect method . (Amounts to be deducted should be indicated by a minus sign . ] XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 , 2017 Cash flows from operating activities :" Adjustments to reconcile net income to net cash provided by operating activities :` Cash flows from investing activities : Cash flows from financing activities : Net increase in cash during the year Cash balance , January 1 , 2017 Cash balance , December 31 , 2017

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

Comprehensive Assurance & Systems Tool An Integrated Practice Set

Authors: Laura R Ingraham, J Greg Jenkins

3rd Edition

0133251969, 9780133251968

More Books

Students also viewed these Accounting questions

Question

=+b) What would the data values in such an indicator variable be?

Answered: 1 week ago