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I need to fill in all of the blanks . Groton Antiques had a cash balance on December 31, 20X0, of $125,000. Its net income
I need to fill in all of the blanks
. Groton Antiques had a cash balance on December 31, 20X0, of $125,000. Its net income for 20X1 was $860,000. Its 20X1 transactions affecting income or cash were (in thousands): (Click the icon to view the transactions.) Groton Antiques' 20X1 statement of cash flow using the direct method for reporting cash flows from operating activities is as follows: 2(Click the icon to view the statement.) Requirement 1. Prepare a supporting schedule that reconciles net income to net cash provided by operating activities for Groton Antiques. (Use parentheses or a minus sign for amounts to be subtracted.) Groton Antiques Supporting Schedule to Statement of Cash Flows Reconciliation of Net Income to Net Cash Flows from Operating Activities For the Year Ended December 31. 20X1 (In thousands) Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by (used in) operating activities: Net cash provided by (used in) operating activities 1: More Info 1. Sales of $2,300, all on credit. Cash collections from customers, $1,400. 2. The cost of items sold, $1,050. Purchases of inventory totaled $1,080; inventory and accounts payable were affected accordingly. 3. Cash payments on trade accounts payable, $975 4. Salaries and wages: accrued, $210; paid in cash, $195. 5. Depreciation, $33. 6. Interest expense, all paid in cash, $14 7. Other expenses, all paid in cash, $103. 8. Income taxes accrued, $30, income taxes paid in cash, $25. 9. Bought plant and facilities for $138 cash 10. Issued debt for $120 cash. 11. Paid cash dividends of $28 2: Data Table Groton Antiques Statement of Cash Flows For the Year Ended December 31, 20X1 In thousands) Cash Flows from Operating Activities Cash collections from customers 1,400 Cash payments Cash payments to suppliers Cash payments to employees Cash payments for other expenses Cash payments for interest Cash payments for taxes Total cash payments 975 (195) (103) (14) (25) (1,312) Net cash provided by (used in) operating activities Cash Flows from Investing Activities Purchases of fixed assets (138) Cash Flows from Financing Activities Proceeds from issue of debt Dividends paid Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash, December 31, 20X0 Cash, December 31, 20X1 120 (28) 92 42 125 167 O Cash payments for taxes Dividends paid O Increase in accounts payable O Increase in accounts receivable O Increase in income taxes payable OCash payments to employees O Cash payments to suppliers O Cash collections from customers O Cash payments for interest O Cash payments for other expenses O Depreciation O Increase in inventory O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt O Proceeds from sale of fixed assets O Cash payments for taxes O Cash payments to employees O Cash payments to suppliers O Depreciation ODividends paid (2) O O Increase in accounts payable O Increase in accounts receivable O Increase in income taxes payable O Cash collections from customers O Cash payments for interest O Cash payments for other expenses O Increase in inventory O Proceeds from sale of fixed assets O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt (3) O O Cash payments for taxesO Dividends paid O Cash payments to employees O Cash collections from customers O Increase in accounts payable O Increase in accounts receivable O Increase in income taxes payable O Cash payments for interest O Cash payments to suppliers O Cash payments for other expenses O Depreciation O Increase in inventory O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt O Proceeds from sale of fixed assets (4) O O Cash payments for taxes O Cash payments to employees O Dividends paid O Increase in accounts payable OIncrease in accounts receivable O Increase in income taxes payable O Cash collections from customers O Cash payments for interest O Cash payments to suppliers O Cash payments for other expenses O Depreciation O Increase in inventory O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt O Proceeds from sale of fixed assets O Cash payments for taxes O Dividends paid O Cash payments to suppliers O Increase in accounts receivable O Proceeds from sale of fixed assets (5) O O Cash collections from customers O Cash payments to employees O Increase in accounts payable O Cash payments for interest O Increase in income taxes payable O Cash payments for other expenses O Depreciation O Increase in inventory O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt O Cash payments O Cash payments to employees O Cash payments to suppliers for taxes O Dividends paid (6) O O Increase in accounts payable O Increase in accounts receivable O Increase in income taxes payable O Cash collections from customers O Cash payments for interest O Cash payments for other expenses O Depreciation O Increase in inventory O Increase in salaries and wages payable O Purchases of fixed assets O Payment of dividends O Proceeds from issue of long-term debt O Proceeds from sale of fixed assetsStep by Step Solution
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