Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Consultants. Listed below in
Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Consultants. Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense 226,000 30,000 8,500 33,000 16,000 53,000 24,000 13,000 66,000 Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land 41,000 5,000 244,000 Issuance of common stock Prepare the statement of cash flows for CEO Consultants using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) Prepare the statement of cash flows for CEO Consultants using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) CEO CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities net cash flows from operating activities: Adjustments to reconcile net income Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period (23,500) 103,000 Cash at the end of the period S 79,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started