{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T15:05:44-04:00", "answer_date": "2024-05-26 15:05:44", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1745504", "url": "\/study-help\/questions\/messina-corporation-is-preparing-its-statement-of-cash-flows-for-1745504", "question_creation_date_js": "2024-05-26T15:05:44-04:00", "question_creation_date": "May 26, 2024 03:05 PM", "meta_title": "[Solved] Messina Corporation is preparing its stat | SolutionInn", "meta_description": "Answer of - Messina Corporation is preparing its statement of cash flows for the past year. The company has gathered the following | SolutionInn", "meta_keywords": "messina,corporation,preparing,statement,cash,flows,year,company,gathered,information,ended,december", "question_title_h1": " Messina Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year", "question_title": " Messina Corporation is preparing its statement of cash flows for the", "question_title_for_js_snippet": "Messina Corporation is preparing its statement of cash flows for the past year The company has gathered the following information about the past year just ended on December 31 (Click the icon to view the data ) Requirement Prepare a statement of cash flows for the past year using the indirect method Prepare the statement one section at a time (Use parentheses or a minus sign for numbers to be subtracted or for a net cash outflow ) Messina Corporation Operating Activities Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Adjustments to reconcile net income to cash basis Net cash provided by (used for) operating activities Data table Retire bond payable (long term) $ 12,000 Decrease in accounts receivable $ 11,000 Paid dividends in cash Decrease in inventory $ 32,000 $ 6,000 Increase in salaries payable $ 8,000 Depreciation expense $ 10,000 Decrease in accounts payable $ 5,000 Increase in prepaid insurance $ Decrease in other short term 500 Sold land (investment) $ 25,000 liabilities $ 3,000 Increase in interest payable $ 400 Increase in taxes payable $ 1,000 Cash balance, beginning of year $ 86,000 Purchase of new computer system with cash $ 12,000 Net income $ 84,000", "question_description": "\"image", "transcribed_text": "Messina Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December 31. (Click the icon to view the data.) Requirement Prepare a statement of cash flows for the past year using the indirect method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted or for a net cash outflow.) Messina Corporation Operating Activities: Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Adjustments to reconcile net income to cash basis Net cash provided by (used for) operating activities Data table Retire bond payable (long- term) $ 12,000 Decrease in accounts receivable $ 11,000 Paid dividends in cash. Decrease in inventory.. $ 32,000 $ 6,000 Increase in salaries payable... $ 8,000 Depreciation.expense. $ 10,000 Decrease in accounts payable $ 5,000 Increase in prepaid insurance. . $ Decrease in other short-term 500 Sold land. (investment). $ 25,000 liabilities $ 3,000 Increase in interest payable $ 400 Increase.in.taxes payable.. $ 1,000 Cash balance, beginning of year $ 86,000 Purchase of new computer system with cash $ 12,000 Net income. $ 84,000", "related_book": { "title": "Managerial Accounting", "isbn": "1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445", "edition": "2nd edition", "authors": "Charles E. Davis, Elizabeth Davis", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/281.jpg", "uri": "\/textbooks\/managerial-accounting-2nd-edition-281", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BBQ4QTP8", "uri": "\/textbooks\/13-column-ledger-book-1st-edition-b0bbq4qtp8-117536", "name": "13 Column Ledger Book", "edition": "1st Edition" }, "question_posted": "2024-05-26 15:05:44", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/law-business-and-society-\/courts-are-more-willing-to-find-misrepresentation-if-the-defendant-1277777", "description": "Courts are more willing to find misrepresentation if the defendant has a fiduciary relationship with the plaintiff than if a transaction occurs at arms length between the parties. True False", "stars": 3 }, { "url": "\/suppose-you-are-studying-two-hardware-lease-proposals-option-1", "description": "Suppose you are studying two hardware lease proposals. Option 1 costs $4,000, but requires that the entire amount be paid in advance. Option 2 costs $5,000, but the payments can be made $1,000 now...", "stars": 3 }, { "url": "\/study-help\/managerial-accounting-tools-for-business-decision-making\/hamby-inc-has-sales-of-2000000-for-the-first-quarter-1796392", "description": "Hamby Inc. has sales of $2,000,000 for the first quarter of 2014. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $760,000 $600,000...", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/663-a-find-the-probability-that-z-is-greater-than-1983172", "description": "6.63 a. Find the probability that z is greater than -0.75. b. Find the probability that z is less than 1.35.", "stars": 3 }, { "url": "\/in-each-of-the-following-cases-identify-whether-the-problem", "description": "In each of the following cases, identify whether the problem is adverse selection or moral hazard, and explain your answer. How might the problem be dealt with? a. Rick has gotten a large advance to...", "stars": 3 }, { "url": "\/study-help\/questions\/help-we-use-eclipse-csis-3101-assignment-3-due-date-9871476", "description": "help we use Eclipse. CSIS 3101 Assignment 3 Due Date: 02\/02\/2020 Question 1: (50 points) Write a program in JAVA using nested loops that asks the user to enter a value for the number of rows to...", "stars": 3 }, { "url": "\/on-1-january-20x0-walpole-ltd-acquired-90-of-the", "description": "On 1 January 20X0 Walpole Ltd acquired 90% of the ordinary shares of a French subsidiary Paris SA. At that date the balance on the retained earnings of Paris SA was 10,000. The non-controlling...", "stars": 3 }, { "url": "\/study-help\/questions\/5-download-annual-uk-data-on-consumption-real-personal-consumption-3630859", "description": "5) Download annual UK data on consumption (real personal consumption) and real GDP (real Gross Domestic product) from 1995 until 2018 from FRED and include both in the same graph. Overlay recession...", "stars": 3 }, { "url": "\/study-help\/questions\/an-analyst-for-bloom-ltd-gathered-the-following-information-with-1226540", "description": "An analyst for Bloom Ltd, gathered the following information with regards to futures contract: Current spot-market price of R60 Risk-free interest rate of 8.87% per annum The six-month future...", "stars": 3 }, { "url": "\/study-help\/questions\/15-points-on-black-friday-customers-arrive-at-a-gap-1227212", "description": "(15 points) On Black Friday, customers arrive at a Gap store at a rate of 100 customers per hour during 6am to 12pm. The store is only able to serve 90 customers per hour. Assume that no more...", "stars": 3 }, { "url": "\/study-help\/questions\/q5-a-very-simple-product-a-consists-of-a-base-3517206", "description": "Q5. A very simple product {A} consists of a base (B) and a casting (C). The base consists of a plate (P)- and three fasteners (F). There are currently 30 castings and 100 bases on hand. Final...", "stars": 3 }, { "url": "\/study-help\/questions\/a-advanced-digital-design-is-analyzing-a-capital-investment-project-3518073", "description": "A. Advanced Digital Design is analyzing a capital investment project for using new computing technology to reduce current operating costs. The new computing technology will have a five-year life with...", "stars": 3 }, { "url": "\/study-help\/questions\/agents-from-the-laredo-south-station-received-a-report-of-1227618", "description": "Agents from the Laredo South Station received a report of an individual lost east of the city. The disoriented individual had been abandoned by the group with which she was traveling. Agents were...", "stars": 3 }, { "url": "\/study-help\/questions\/k-kolmer-c-eidman-and-c-ryno-share-income-on-8407239", "description": "K. Kolmer, C. Eidman, and C. Ryno share income on a 5 : 3 : 2 basis. They have capital balances of $25,000, $28,600, and $19,800, respectively, when Don Jernigan is admitted to the partnership....", "stars": 3 }, { "url": "\/what-impact-has-the-internet-had-on-the-globalization-of", "description": "What impact has the Internet had on the globalization of small firms? How do you think small companies will use the Internet for business in the future?", "stars": 3 }, { "url": "\/study-help\/strategic-management-concepts-and-cases\/4-make-specific-individuals-responsible-for-performing-those-jobs-1683662", "description": "4. Make specific individuals responsible for performing those jobs", "stars": 3 }, { "url": "\/study-help\/strategic-management-concepts-and-cases\/the-functional-similarity-method-is-according-to-many-management-theorists-1683659", "description": "The functional similarity method is, according to many management theorists, the most basic method of dividing job activities. Simply stated, the method suggests that management should take four...", "stars": 3 }, { "url": "\/study-help\/fundamentals-of-advanced-accounting\/go-to-the-web-site-wwwnapicocom-and-click-on-partnership-1683656", "description": "Go to the Web site www.napico.com and click on Partnership Financial InformationClick Here. Then click on 2006 Annual Reports to access the annual report for National Tax Credit Investors II...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/view-policies-current-attempt-in-progress-in-october-pine-company-1745503", "next": "\/study-help\/questions\/warm-hands-a-small-company-based-in-prince-edward-island-1745505" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Messina Corporation is preparing its statement of cash flows for the", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/messina-corporation-is-preparing-its-statement-of-cash-flows-for-1745504" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }