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How would the empty table provided be filled out and are calculations correct in the statement for cash flows table. Field Corporation has selected you

How would the empty table provided be filled out and are calculations correct in the statement for cash flows table. image text in transcribed
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Field Corporation has selected you to help them prepare their statement of cash flows for the year ending December 31, 20X4. The comparative balance sheets for the company, showing the ending balances for years 20X3 and 20X4 are attached. The attached additional information is available for the company's operations for the year ending December 31,20X4. REQUIRED: Using the attached forms, prepare a statement of cash flows, in proper form, for the company for the year ending December 31,20X4, using the indirect method. Be sure to include all appropriate parts, including a schedule of noncash investing and financing activities. FIELD COMPANY Statement of Cash Flows For Year Ended December 31, 20X4 Cash flows from operating activities Net Income 14,350 Adjustment to reconcile net income to net cash provided by operations: Income statement item not affecting cash Depreciation expense 32,000 Amortization Expense 4,100 Gain on sale of building (10,000) Loss on sale of equipment 3,000 Changes in current assets and current liabilities Increase in short term investment (10,000) Decrease in accounts receivable (net) 9,000 Increase in inventory (4,100) Increase in prepaid insurance (450) Decrease in accounts payable Increase in wages and salaries payable (6,200) Increase in income tax payable 1,100 Decrease in short term payable 4,900 Net cash provided by operating activities (12,000) Cash flows from investing activities Sale of building Purchase of trademark Sale of equipment Purchase of equipment 25,700 Net cash used by investing activities (34,100) Cash flows from financing activities Payment of mortgage payable (12,000) Purchase of treasury stock (8,500) Issue of bonds payable 50,000 Issue of common stock 20,000 Cash dividends paid (30,000) Net cash used by financing activities 19,500 Net increase (decrease) in cash 11,100 Cash balance at December 31,203 12,400 Cash balance at December 31,20X4 23,500 \begin{tabular}{|l|l|} \hline & \multicolumn{1}{|c|}{FIELDCORPORATIONADDITIONALINFORMATIONREQUIREDTOPREPARESTATEMENTOFCASHFLOWSFORYEARENDINGDECEMBER31,20X4} \\ \hline (a) & Thecompanydeclaredandpaid$30,000individendsduringtheyear.Allotherchangestotheretainedearningsaccountwasduetonetincomeorlossfortheperiod. \\ \hline (b) & Thecompanypurchased1,000sharesofitsstock(treasurystock)duringtheyear.Therewerenosalesoftreasurystockduringtheyear. \\ \hline (c) & Thecompanypurchasedlandduringtheyearbyissuingamortgagepayableintheamountof$6,000. \\ \hline (d) & Thecompanysoldabuildingwithanoriginalcostof$41,000andabookvalueof$21,000for$30,000.Thecompanyrecordeddepreciationexpenseof$5,000onbuildingsduringtheyear. \\ \hline (e) & Amortization expense on the patent for the year amounted to $3,300. \\ \hline (f) & The company issued bonds for cash during the year at their par value. \\ \hline (g) & Thecompanypurchasedatrademarkduringtheyearfor$16,000.Theotherchangestotheaccountwereduetoamortizationofthetrademarkduringtheyear. \\ \hline (h) & Thecompanyissued2,000sharesofcommonstockduringtheyearforcashwhenthemarketpriceofthestockwas$10pershare. \\ \hline (i) & Thecompanysoldequipmentduringtheyearwithanoriginalcostof$25,000whichwas60%depreciatedfor$7,000.Allotherchangestotheequipmentaccountwereduetopurchasesofequipmentforcash.Allotherchangestotheaccumulateddepreciationaccountforequipmentwereduetodepreciationexpense. \\ \hline \end{tabular}

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