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i need to create a statement of cash flow sheet using the indirect method. please see attachment. Theindirect methoduses accrual accounting information to present the
i need to create a statement of cash flow sheet using the indirect method.
please see attachment.
Theindirect methoduses accrual accounting information to present the cash flows from the operations section of the cash flow statement. Under both the direct andindirect methodsthe remaining two sections of the cash flow statement, cash provided from investing and financing activities will be identical.
ACC 291 COMPANY COMPARATIVE BALANCE SHEET DECEMBER 31 Assets Cash Accounts Receivable Inventory Prepaid Expenses L-T Investments Plant Assets Accumulated Depreciation Total 2015 120,000.00 131,000.00 168,000.00 42,000.00 205,000.00 425,000.00 (75,000.00) 1,016,000.00 2014 72,000.00 57,000.00 153,000.00 39,000.00 162,000.00 361,000.00 (77,000.00) 767,000.00 Liabilities and Stockholder's Equity Accunts Payable Accrued Expenses Payable Bonds Payable Common Stock Retained Earnings Total 152,000.00 25,000.00 164,000.00 328,000.00 349,000.00 1,018,000.00 100,000.00 31,000.00 218,000.00 261,000.00 157,000.00 767,000.00 ACC 291 COMPANY COMPARATIVE INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015 Sales Revenue LESS: Cost of Goods Sold Operating Expenses, exl depr Depreciation Expense Income Tax Expense Interest Expense Loss on disposal of plant assets Total 579,000.00 202,000.00 18,000.00 69,000.00 41,000.00 7,000.00 11,000.00 348,000.00 231,000.00 ADDITIONAL INFORMATION: 1. New plant assets costing $150,000 were purchased for cash during the year. 2. Old plant assets having an ooriginal cost of $86,000 and accumulated depreciation of $72,000 were sold for $2,000 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $39,000 was declared and paid during the year. ACC 291 COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015Step by Step Solution
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