Jerrod Moore Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Comparative Balance Sheet The company sold its indefinite-life intangible assets at their carrying value. Cash was used to acquire land. The debt investments were purchased on December 31 - X the curre Income Statement is not u X Complete the statement one section at a time, beginning with the cash flows from operating activities. Jerrod Moore Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Current Year Net Income Adjustments to Reconcile Net Income to Net Cash from Operating Activities: Depreciation Expense Changes in Operating Working Capital Accounts: Net Cash Provided (Used) by Operating Activities Investing Activities: Jerrod Moore Associates Balance Sheets Jerrod Moore Associates At December 31 Income Statement Assets Ending Beginning For the Year Ended December 31 Current Assets Cash Current Year $ Held-to-Maturity Debt Investments 18,120 $ 31,000 40.700 Sales $ 795,200 0 477,700 Cost of Goods Sold Accounts Receivable - net 25,600 27,500 Gross Profit $ 317,500 Merchandise Inventory 46,920 36,100 Selling, General, and Administrative Expenses $ 83,800 25,900 14,500 Prepaid Expenses Bad Debt Expense 8,400 $ 147,540 $ 118,800 21,500 Total Current Assets Noncurrent Assets Depreciation Expense $ Total Operating Expenses 113,700 Land $ 940,990 $ 770,880 $ Operating Income 203,800 Property, Plant, and Equipment Accumulated Depreciation Indefinite-Life Intangible Assets Total Noncurrent Assets 1,682,020 1,682,020 Interest Expense $ (7,950) (342,200) (320,700) Interest Income 2,000 0 22,800 Income before Tax $ 197,850 $ 2,280,810 $ 2,155,000 Income Tax Expense (79,600) $ 2,428,350 $ 2,273,800 Total Assets $ 118,250 Net Income Liabilities Current Liabilities Print Done Accounts Payable Dividends Payable $ 74,100 $ 23,100 40,100 0 17,500 10,300 111 700 50.100 Choose from any list or enter any number in the input fields and then continue to the next quest Income Taxes Payable javascript:doExercise(13); Print Done Jerrod Moore Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Comparative Balance Sheet The company sold its indefinite-life intangible assets at their carrying value. Cash was used to acquire land. The debt investments were purchased on December 31. X the curre Income Statement Property, Plant, and Equipment Accumulated Depreciation 1,682,020 (342,200) 1,682,020 0 (320,700) 22,800 Jerrod Moore Associates Indefinite-Life Intangible Assets Total Noncurrent Assets Income Statement $ 2,280,810 $ 2,155,000 For the Year Ended December 31 $ 2,428,350 $ 2,273,800 Net Cash Provided (Used) by Operating Activities Investing Activities: Total Assets Liabilities Sales $ Current Year 795,200 Current Liabilities Accounts Payable 477,700 Cost of Goods Sold $ 74,100 $ 40,100 Gross Profit $ 317,500 Dividends Payable 23,100 0 Selling, General, and Administrative Expenses $ 83,800 17,500 10,300 Net Cash Provided (Used) by Investing Activities Financing Activities: Income Taxes Payable Bad Debt Expense 8,400 $ 114,700 $ 50,400 21,500 Total Current Liabilities Depreciation Expense $ Noncurrent Liabilities Total Operating Expenses 113,700 $ 107,700 $ 452,600 Notes Payable Operating Income $ 203,800 $ 107,700 $ 452,600 Total Noncurrent Liabilities Interest Expense $ (7,950) $ 222,400 $ 503,000 2,000 Total Liabilities Interest Income Shareholders' Equity Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year Provide all required cash flow disclosures. Common Stock, $1 par value $ Additional Paid-in Capital in Excess of Par - Common 685,300 $ 927,750 500,900 Income before Tax Income Tax Expense $ 197,850 (79,600) 770,100 $ 118,250 Net Income Additional Paid-in Capital - Stock Options Retained Earnings 37,100 0 Print Done 555,800 499,800 $ 2,205,950 $ 1,770,800 Total Shareholders' Equity Cash Flow Disclosures for the Dienst Method $ 2,428,350 $ 2,273,800 Total Liabilities and Shareholders' Equity Choose from any list or enter any number in the input fields and then continue to the next quest javascript:doExercise(13); Print Done Jerrod Moore Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Comparative Balance Sheet Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Current Year Net Income Adjustments to Reconcile Net Income to Net Cash from Operating Activities: Depreciation Expense Stock-based Compensation Expense Changes in Operating Working Capital Accounts: Net Cash Provided (Used) by Operating Activities Investing Activities: Net Cash Provided (Used) by Investing Activities Choose from any list or enter any number in the input fields and then continue to the next question. javascript:doExercise(13); Jerrod Moore Associates Balance Sheets At December 31 Assets Ending Beginning Current Assets Cash $ 18,120 $ 40,700 Held-to-Maturity Debt Investments 31,000 0 Accounts Receivable - net 25,600 27,500 Merchandise Inventory 46,920 36,100 25,900 14,500 Prepaid Expenses $ 147,540 $ 118,800 Total Current Assets Noncurrent Assets Land $ 940,990 $ 770,880 Property, Plant, and Equipment 1,682,020 1,682,020 Accumulated Depreciation (342,200) (320,700) 0 22,800 Indefinite-Life Intangible Assets $ Total Noncurrent Assets 2,280,810 $ 2,155,000 $ 2,428,350 $ 2,273,800 Total Assets Liabilities Current Liabilities Accounts Payable Dividends Payable Income Taxes Payable $ 74,100 $ 23,100 17,500 40,100 0 10,300 Print Done 111 700 50 100 - X to acquire land. The debt investments were purchased on December Present any required disclosures. Comparative Balance Sheet Jerrod Moore Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) The company sold its indefinite-life inta 31. Requirement Prepare the company's cash flow stater Property, Plant, and Equipment Accumulated Depreciation Indefinite-Life Intangible Assets Total Noncurrent Assets 1,682,020 1,682,020 (342,200) (320,700) 0 22,800 $ Net Cash Provided (Used) by Operating Activities Investing Activities: $ 2,280,810 $ 2,428,350 $ 2,155,000 2.273.800 Total Assets Liabilities Current Liabilities Accounts Payable $ 74,100 $ 40,100 Dividends Payable 23,100 17,500 10,300 Net Cash Provided (Used) by Investing Activities Financing Activities: Income Taxes Payable $ 114,700 $ 50,400 Total Current Liabilities Noncurrent Liabilities Notes Payable $ 107,700 $ 452,600 $ 107,700 $ 452,600 Total Noncurrent Liabilities $ 222,400 $ 503,000 Total Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year Provide all required cash flow disclosures. Cash Flow Disclosures for the Direct Method Significant Noncash Investing and Financing Activities: Shareholders' Equity Common Stock, $1 par value $ Additional Paid-in Capital in Excess 685,300 $ 927,750 500,900 770,100 of Par - Common Additional Paid-in Capital - Stock Options Retained Earnings 37,100 0 555,800 499,800 Total Shareholders' Equity $ $ 2,205,950 $ 2,428,350 $ 1,770,800 2,273,800 Total Liabilities and Shareholders' Equity Accounting Policy for the Definition of Cash Equivalents: For purposes of the statement of cash flows, the company considers all debt instruments purchased with maturities of three mo Print Done Choose from any list or enter any number in the input fields and then continue to the next question. javascript:doExercise(13); X December Jerrod Moore Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Net Cash Provided (Used) by Operating Activities Investing Activities: Net Cash Provided (Used) by Investing Activities Financing Activities: Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year Provide all required cash flow disclosures. Cash Flow Disclosures for the Direct Method Significant Noncash Investing and Financing Activities: Accounting Policy for the Definition of Cash Equivalents: For purposes of the statement of cash flows, the company considers all Choose from any list or enter any number in the input fields and then continue to the next question. javascript:doExercise(13); The company sold its indefinite-life intangible assets at their carrying value. Cash was used to acquire land. The debt investments were purchased on December 31. Requirement Prepare the company's cash flow statement for the current year under the indirect method. Present any required disclosures. Income Statement Jerrod Moore Associates Income Statement For the Year Ended December 31 Current Year Sales $ 795,200 477,700 Cost of Goods Sold $ 317,500 Gross Profit Selling, General, and Administrative Expenses $ 83,800 Bad Debt Expense 8,400 21,500 Depreciation Expense Total Operating Expenses $ 113,700 $ Operating Income 203,800 Interest Expense $ (7,950) 2,000 Interest Income Income before Tax Income Tax Expense $ 197,850 (79,600) $ 118,250 Net Income debt instruments purchased with maturities of three months or less to be cash equivalents. Print Done