Question
I need help with financial accounting lab manual project 11 on chapter 5 from fundamentals of financial accounting 6th edition. The Blue Highlighted cells are
I need help with financial accounting lab manual project 11 on chapter 5 from fundamentals of financial accounting 6th edition.
The Blue Highlighted cells are wrong entries, I don't know how to correct these. thank you
Bought equipment for cash, $9,700.
Paid $11,000 on the long-term note payable.
Issued new shares of stock for $23,500 cash.
Declared and paid a $4,500 cash dividend.
expenses included depreciation, $6,700; salaries and wages, $10,700; taxes, $3,700; utilities, $8,700. 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 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
I
I need help with financial accounting lab manual project 11 on chapter 5 from fundamentals of financial accounting 6th edition.
- The Blue Highlighted cells are wrong entries, I don't know how to correct these. thank you
- Bought equipment for cash, $9,700.
- Paid $11,000 on the long-term note payable.
- Issued new shares of stock for $23,500 cash.
- Declared and paid a $4,500 cash dividend.
- Other expenses included depreciation, $6,700; salaries and wages, $10,700; taxes, $3,700; utilities, $8,700.
- 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 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) I
| Cash Flows from Operating Activities
|
|
|
| Net Income |
| 12,700 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operaing Activities |
|
|
| Depreciative Expense | 6,700 |
|
| Increase in Salaries and Wages Payable | 10,700 |
|
| Increase in Inventory | 36,300 |
|
|
|
|
|
|
|
|
|
|
|
| 53,700 |
|
|
| 66,400 |
| Cash Flows from Investing Activities |
|
|
| Cash Payment to Purchase Equipment | -9,700 |
|
|
|
|
|
|
|
| 9,700 |
| Cash Flows from Financing Activities |
|
|
| Cash Payments on Notes Payable (long-term) | 11,000 |
|
| Cash Receipts from Issuing Stock | 23,500 |
|
| Csash Payments for Dividends | -4,500 |
|
|
|
|
|
|
|
| 8,000 |
|
|
| 144,000 |
|
|
| 71,400 |
|
|
| 215,400 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Karen Braun, Wendy Tietz, Louis Beaubien
4th Canadian Edition
013544344X, 9780135443446
