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hello please help! Statement of Cash Flows-Indirect Method The following balances are available for Chrisman Company: Cash Accounts receivable Inventory Prepaid rent Land Plant and
hello please help!
Statement of Cash Flows-Indirect Method The following balances are available for Chrisman Company: Cash Accounts receivable Inventory Prepaid rent Land Plant and equipment Accumulated depreciation Totals December 31 2017 2016 $8,600 $10,800 21,500 16,100 17,100 28,600 9,700 6,500 80,600 80,600 430,000 322,500 (69,900) (32,300) $497,600 $432,800 Accounts payable Income taxes payable Short-term notes payable Bonds payable Common stock Retained earnings Totals $12,900 3,200 37,600 81,000 215,000 147,900 $497,600 $10,800 5,400 26,900 108,000 161,300 120,400 $432,800 Bonds were retired during 2017 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $37,600. Net income was reported at $27,500. 1. Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activities section. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash. Chrisman Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Acquisition of land Acquisition of plant and equipment Decrease in inventory Increase in land Increase in accounts payable Decrease in accounts payable | bullid d pou Net cash provided by operating activities Cash Flows from Investing Activities Issuance of short-term notes payable Cash Flows from Financing Activities Decrease in income taxes payable Decrease in inventory Decrease in inventory Net cash provided by financing activities Net dorraaco in cach Cash Flows from Financing Activities Decrease in income taxes payable Decrease in inventory Decrease in inventory Net cash provided by financing activities Net decrease in cash Cash balance, December 31, 2016 Cash balance, December 31, 2017Step by Step Solution
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