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Indirect Method - Preparing a Statement of Cash Flows and Comparative Balance Sheets from Financial Data Linda Ray, the president of Company x , requires
Indirect MethodPreparing a Statement of Cash Flows and Comparative Balance Sheets from Financial Data
Linda Ray, the president of Company requires a statement of cash flows for its annyal report ending December The following balance sheet data are from Comp
The December yearend Cash balance decreased by $ from $ to $
The net balance in Accounts Receivable decreased by $ during the year from $ to $ The company had no shortterm investments.
Inventory increased $ from $ to $
Accounts Payable increased $ during the year from $ to $
Income Tax Payable increased $ during the year from $ to $
Salaries Payable decreased by $ during the yefar from $ to $ There were no other current liabilities.
During December, the company settled a $ note payable fully liquidating the outstanding balance by issuing shares of its own common stock with equal valu
Cash expenditures during the year were a payment of longterm debt, $; b purchase of fixed assets, $ending balance of $; c payment of of land as an investment, $
Sale and issuance of Company common stock for $ cash. The December prior year, balance of Common Stock was $
Issuance of a longterm mortgage note, $ cash.
Accumulated Depreciation is $ on December of the current year.
Retained Earnings on December of the prior year is $
Sold fixed assets; the following entry was made:
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