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Hunter Company is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed
Hunter Company is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:I just need help finishing the Statement of Cash Flows please.
2015 2014 Balance Sheet at December 31 Cash 44,440 16,000 23,400 Accounts Receivable 25,000 Inventory 26,400 32,000 Equipment 106,600 98,000 Accumulated (35,400) (28,000) Depreciation-Equipment $165,440 $143,000 Accounts Payable 22,600 20,000 Salaries and Wages 840 1,000 Payable Note Payable (long-term) 32,000 4,000 78,000 Common Stock 0.000 32,000 22,000 Retained Earnings $165,440 $143,000 Income Statement for 2015 $114,000 Sales Revenue Cost of Goods Sold 68,000 Other Expenses 32,600 13,400 Net Income Additional Data: a. Bought equipment for cash, $8,600. b. Paid $12,000 on the long-term note payable c. Issued new shares of stock for $22,000 cash. d. Declared and paid a $3,400 cash dividend. e. Other expenses included depreciation, $7,400; salaries and wages, $11,400; taxes, $4,400; utilities, $9,400 f. Accounts Payable includes only inventory 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 2015, using the indirect method. (Amounts to be deducted should be indicated with a minus sign HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31, 2015 Cash Flows from Operating Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities 7,400 Depreciation Expense Increase in Accounts Payable Decrease in Inventory Decrease in Accounts Receivable Decrease in Salaries and Wages Payable 7,400 7400 Cash Flows from Investing Activities: Cash Payments to Purchase Cash Flows from Financing Cash Payments on Notes Payable ong-term Cash Receipts from Issuing Stock Cash Payments for Dividends Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1, 2015 0 Cash Balance, December 31, 2015Step by Step Solution
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