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Exercise 11-47 (Algorithmic) Preparing the Statemet of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 $ 25,000 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $36.950 75.100 45.300 256.400 70,000 36,000 153,000 38.650 20,000 $ 272,000 $375,100 511,000 8,000 9.000 Interest payable Wages payable Notes payable Common stock Retained earnings Total abilities and equity $ 13.100 11.500 1.100 106,900 56.900 145,600 90,000 50,000 104,000 $375,100 $ 272,000 Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of 513,800 were dedored and paid during 2019, 3. During 2019, Beckwith ued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $36,900 cash 5. Depreciation expense was $20,550, and there were no disposals of equipment Required: 1. Prepare statement of cash flow (Indirect method) for Beckwith Products for 2019. Una ni won to indicate any decat in cash or cash outflow, Deckwith Products Company Statement of Cash Flow Check My Work more Check My Wawes rema Beckwith Products Company Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Net income 58.400 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Decrease in accounts receivable 2,900 Increase in inventory 9.300 Tncrease in accounts payable 2.100 3.500 -900 Increase in interest payable Decrease in wages payable Net cash provided by operating activities Cash flows from investing activities: Decrease in accounts receivable X Net cash used for investing activities Cash flows from financing activities: Decrease in wages payable x Depreciation expense X Increase in accounts payable x Net Income X Net cash provided by financing activities Decrease in wages payable X Cash, 1/1/2019 Cash, 12/31/2019 2. Compute the following cash-based performance measures: a, Free cash flow b. Cash flow adequacy (Note: Assume that the average amount of debt maturing over the next 5 years is $85,000). Use two decimal places for the adequacy ratio. Enter negative values as negative numbers. Free cash flow Adequacy ratio Feedback Feedback Check My Work 1 more Check My Work uses romaining