Liabilities Current liabilities: $ 4,800 $ 43,800 Accounts payable Note payable, short-term Income tax payable Salary payable Interest payable 13,600 3,300 48,400 $ 15,300 12,700 6,800 3,600 1,500 (4,600) (1,700) (3,200) 1,900 (600) 9,500 8,700 3,000 Accrued liabilities Total current liabilities 83,400 90,100 48,700 93,800 Long-term liabilities (45,100) Total liabilities 132,100 183,900 Stockholders' equity Common stock 7,400 69,300 93,700 61,900 62,500 Retained earnings 31,200 Total stockholders' equity $ 163,000 $ 124,400 $ 295,100 $ 308,300 Total liabilities and equity a 1. TULIVU UUSITTUI TUJUUTILUULLUITIILIUL JULI V 2,000 $ to I. Cash received from customers m. Cash paid for income taxes n. Sold land for cash o. Interest received (in cash) .... p. Purchased long-term investment for cash 295,100 12,000 51,700 1,200 ...... A A 4,000 A Requirement 1. Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Schedule of Disclosures Noncash investing and financing activities: Total noncash investing and financing activities Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities 0 Balance Sheets i Transactions Barton Publication Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 Increase (Decrease) 2017 2016 Assets Current assets: Cash Accounts receivable Inventory 55,500 $ 51,900 64,800 3,800 14,300 $ 53,500 60,400 5,200 41,200 (1,600) 4,400 (1,400) Selected transaction data for the year ended March 31, 2017, include the following: a. Net income ........ $ 77,000 b. Paid long-term note payable with cash ...............$ 59,700 c. Cash payments to employees $ 43,000 d. Loss on sale of land 9,300 e. Acquired equipment by issuing long-term note payable ... $ 14,600 f. Cash payments to suppliers $ 142,600 g. Cash paid for interest 2,500 h. Depreciation expense on equipment 13,400 i. Paid short-term note payable by issuing common stock ... $ 4,600 j. Paid cash dividends ............. $ 45,800 k. Received cash for issuance of common stock .........$ 2,800 1. Cash received from customers $ 295,100 m. Cash paid for income taxes ............$ 12,000 n. Sold land for cash .............$ 51,700 o. Interest received (in cash) ..........$ 1,200 Prepaid insurance Total current assets 176,000 133,400 Land (61,000) Equipment, net 37,000 71,900 10,200 98,000 70,700 6,200 1,200 Investments 4,000 $ 295,100 $ 308,300 Total assets
