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Question 1 Partially correct Mark 15.00 out of 23.00 P Flag question Statement of Cash Flows (Direct Method) Wolff Company's income statement and comparative balance shee WOLFF COMPANY Income Statement For Year Ended December 31, 2019 Sales $635,000 Cost of goods sold $430,000 Wages expense 86,000 Insurance expense 8,000 Depreciation expense 17,000 Interest expense 9,000 Income tax expense 29,000 579,000 Net income $56,000 WOLFF COMPANY Balance Sheet Dec. 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity A ... Business Course Return to course ! My Subscriptions Matt vi 5.00 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash $11.000 55.000 Accounts receivable 41,000 12.000 Inventory 90,000 60,000 Prepaid insurance 7.000 PPE 250,000 195.000 Accumulated depreciation (68,0001 (51.0001 Total assets 5329.000 5248.000 Liabetes and Stockholders' Equity Accounts payable 57.000 $10.000 Wages payable 9.000 6.000 Income tax payable 7.000 8.000 Bonds Payable 130,000 75.000 Common stoc 90.000 90.000 16.000 Betained earning 59000 Totallaties and equity 124.000 Cash dividends of 529,000 were declared and paid during 2019. Also in 2019. PPE was purchased for cash, and bonds payable were issued for cash Bond interest is paid semiannually on june 30 and December 31. Accounts payable relate to merchandise purchases Required 2019 Note: Do not use a negative sign with your answer. $ 6,000 Increase in cash b. Prepare a 2019 statement of cash flows using the direct metho Note: Use a negative sign to indicate a cash outflow. Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 626,000 Cash Paid for Merchandise Purchased . (457,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (11,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (28,000) Net Cash Used by Operating Activities Investing Activities Purchase of PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of Year $ . 32,000 O . (55,000) . 26,000 6,000 5,000 11,000 Interest expense Income tax expense Net income 9,000 29,000 579,000 $56,000 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity Accounts payable $7,000 $10,000 Wages payable 9,000 6,000 8,000 Income tax payable Bonds Payable 130,000 75,000 90,000 90,000 Common stock 86,000 59,000 Retained earnings $329,000 $248.000 Total liabilities and equity Cash dividends of $29,000 were declared and paid during 2019. Also in 2019, PPE was purchased for cash, and bonds payable we and December 31. Accounts payable relate to merchandise purchases. 7,000 Edward Jones M... Discover it - Credi... Business Course Return to course question 1 Partially correct Mark 19.00 out of 23.00 P Flag question Statement of Cash Flows (Direct Method) Wolff Company's income statement and comparative balance sheets follow. 2 WOLFF COMPANY Income Statement For Year Ended December 31, 2019 Sales $635,000 Cost of goods sold $430,000 Wages expense 86,000 Insurance expense 8,000 Depreciation expense 17,000 Interest expense 9,000 Income tax expense 29,000 579,000 Net income $56,000 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash Accounts receivable Inventory Prepaid insurance PPE $11,000 41,000 90,000 5,000 250,000 $5,000 32,000 60,000 7,000 195.000 N T O WOLFF COMPANY Balance Sheet Dec. 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity Accounts payable $7,000 $10,000 Wages payable 9,000 6,000 Income tax payable 7,000 8,000 Bonds Payable 130,000 75,000 Common stock 90,000 90,000 Retained earnings 86,000 59,000 Total liabilities and equity $329,000 $248,000 Cash dividends of $29,000 were declared and paid during 2019. Also in 2019, PPE was purchased for cash, and bonds payable were issued for cash. Bond interest is paid semiannually on June 30 and December 31. Accounts payable relate to merchandise purchases. Required a. Compute the change in cash that occurred during 2019. change cash that occurred during 2019. Note: Do not use a negative sign with your answer. $ 6,000 Increase in cash b. Prepare a 2019 statement of cash flows using the direct method. Note: Use a negative sign to indicate a cash outflow. Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 644,000 Cash Paid for Merchandise Purchased (463,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (10,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (30,000) Net Cash Provided by Operating Activities $ Investing Activities Cash Paid for PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Provided by Financing Activities Net Increase in Cash 43,000 e (55,000) 26,000 6,000 Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 644,000 Cash Paid for Merchandise Purchased (463,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (10,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (30,000) Net Cash Provided by Operating Activities $ Investing Activities Cash Paid for PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Provided by Financing Activities - Net Increase in Cash Cash at Beginning of Year Cash at End of Year $ 43,000 (55,000) > 26,000 6,000 5.000 11,000 Check Question 1 Partially correct Mark 15.00 out of 23.00 P Flag question Statement of Cash Flows (Direct Method) Wolff Company's income statement and comparative balance shee WOLFF COMPANY Income Statement For Year Ended December 31, 2019 Sales $635,000 Cost of goods sold $430,000 Wages expense 86,000 Insurance expense 8,000 Depreciation expense 17,000 Interest expense 9,000 Income tax expense 29,000 579,000 Net income $56,000 WOLFF COMPANY Balance Sheet Dec. 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity A ... Business Course Return to course ! My Subscriptions Matt vi 5.00 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash $11.000 55.000 Accounts receivable 41,000 12.000 Inventory 90,000 60,000 Prepaid insurance 7.000 PPE 250,000 195.000 Accumulated depreciation (68,0001 (51.0001 Total assets 5329.000 5248.000 Liabetes and Stockholders' Equity Accounts payable 57.000 $10.000 Wages payable 9.000 6.000 Income tax payable 7.000 8.000 Bonds Payable 130,000 75.000 Common stoc 90.000 90.000 16.000 Betained earning 59000 Totallaties and equity 124.000 Cash dividends of 529,000 were declared and paid during 2019. Also in 2019. PPE was purchased for cash, and bonds payable were issued for cash Bond interest is paid semiannually on june 30 and December 31. Accounts payable relate to merchandise purchases Required 2019 Note: Do not use a negative sign with your answer. $ 6,000 Increase in cash b. Prepare a 2019 statement of cash flows using the direct metho Note: Use a negative sign to indicate a cash outflow. Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 626,000 Cash Paid for Merchandise Purchased . (457,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (11,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (28,000) Net Cash Used by Operating Activities Investing Activities Purchase of PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of Year $ . 32,000 O . (55,000) . 26,000 6,000 5,000 11,000 Interest expense Income tax expense Net income 9,000 29,000 579,000 $56,000 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity Accounts payable $7,000 $10,000 Wages payable 9,000 6,000 8,000 Income tax payable Bonds Payable 130,000 75,000 90,000 90,000 Common stock 86,000 59,000 Retained earnings $329,000 $248.000 Total liabilities and equity Cash dividends of $29,000 were declared and paid during 2019. Also in 2019, PPE was purchased for cash, and bonds payable we and December 31. Accounts payable relate to merchandise purchases. 7,000 Edward Jones M... Discover it - Credi... Business Course Return to course question 1 Partially correct Mark 19.00 out of 23.00 P Flag question Statement of Cash Flows (Direct Method) Wolff Company's income statement and comparative balance sheets follow. 2 WOLFF COMPANY Income Statement For Year Ended December 31, 2019 Sales $635,000 Cost of goods sold $430,000 Wages expense 86,000 Insurance expense 8,000 Depreciation expense 17,000 Interest expense 9,000 Income tax expense 29,000 579,000 Net income $56,000 WOLFF COMPANY Balance Sheet Dec 31, 2019 Dec 31, 2018 Assets Cash Accounts receivable Inventory Prepaid insurance PPE $11,000 41,000 90,000 5,000 250,000 $5,000 32,000 60,000 7,000 195.000 N T O WOLFF COMPANY Balance Sheet Dec. 31, 2019 Dec 31, 2018 Assets Cash $11,000 $5,000 Accounts receivable 41,000 32,000 Inventory 90,000 60,000 Prepaid insurance 5,000 7,000 PPE 250,000 195,000 Accumulated depreciation (68,000) (51,000) Total assets $329,000 $248,000 Liabilities and Stockholders' Equity Accounts payable $7,000 $10,000 Wages payable 9,000 6,000 Income tax payable 7,000 8,000 Bonds Payable 130,000 75,000 Common stock 90,000 90,000 Retained earnings 86,000 59,000 Total liabilities and equity $329,000 $248,000 Cash dividends of $29,000 were declared and paid during 2019. Also in 2019, PPE was purchased for cash, and bonds payable were issued for cash. Bond interest is paid semiannually on June 30 and December 31. Accounts payable relate to merchandise purchases. Required a. Compute the change in cash that occurred during 2019. change cash that occurred during 2019. Note: Do not use a negative sign with your answer. $ 6,000 Increase in cash b. Prepare a 2019 statement of cash flows using the direct method. Note: Use a negative sign to indicate a cash outflow. Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 644,000 Cash Paid for Merchandise Purchased (463,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (10,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (30,000) Net Cash Provided by Operating Activities $ Investing Activities Cash Paid for PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Provided by Financing Activities Net Increase in Cash 43,000 e (55,000) 26,000 6,000 Wolff Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Cash Received from Customers $ 644,000 Cash Paid for Merchandise Purchased (463,000) Cash Paid to Employees (89,000) Cash Paid for Insurance (10,000) Cash Paid for Interest (9,000) Cash Paid for Income Taxes (30,000) Net Cash Provided by Operating Activities $ Investing Activities Cash Paid for PPE (55,000) Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 55,000 Payment of Dividends (29,000) Net Cash Provided by Financing Activities - Net Increase in Cash Cash at Beginning of Year Cash at End of Year $ 43,000 (55,000) > 26,000 6,000 5.000 11,000 Check