Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

help please im confused Stevens Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: (Click the icon to

help please im confused

image text in transcribedimage text in transcribed

Stevens 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.) (Click the icon to view the transaction data.) Requirement 1. Prepare Stevens 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. - X - Data table Data table 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: $ 57,700 2017 14,900 36,800 Stevens Office Machines, Inc. December 31 2018 Current assets: Cash and cash equivalents 90,400 $ Accounts receivable 69,200 Inventory 79,700 Current liabilities: 24.000 11,000 64.700 Transaction Data for 2018: : Net income Purchase of treasury stock. Issuance of common stock for cash Loss on sale of equipment. Payment of cash dividends. Depreciation expense Issuance of long-term note payable in exchange for cash Purchase of building for cash... Retirement of bonds payable by issuing common stock Sale of equipment for cash 18.900 83,800 $ Accounts payable Income tax payable Net cash provided by (used for) operating activities Cash flows from investing activities: 58,900 $ 14,300 21,100 40,000 123,000 71,000 57,000 55,900 17,300 Print Done Net cash provided by (used for) investing activities Cash flows from financing activities: Print Done (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Requirement 1. Prepare Stevens 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. - X Data table 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: Stevens Office Machines, Inc. December 31 2018 2017 Current assets: Cash and cash equivalents $ 90.400 $ 24.000 69,200 64.700 79.700 83,800 Accounts receivable Inventory Current liabilities: Accounts payable Income tax payable $ 58.900 $ 55.900 Net cash provided by (used for) operating activities Cash flows from investing activities: 14,300 17.300 Print Done Net cash provided by (used for) investing activities Cash flows from financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Cost Management Measuring Monitoring And Motivating Performance

Authors: Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook

2nd Canadian Edition

9781118168875

Students also viewed these Accounting questions