Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Need help Jackson Software Inc. has assembled the following data for the year ended December 31, 2020. (Click the icon to view the current accounts.)

Need help image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Jackson Software Inc. has assembled the following data for the year ended December 31, 2020. (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Requirement Prepare Jackson Software Inc.'s statemerit of cash Nons using the indirect method to report operating activities. Include an accomparing schedule of non-cash investing and financing activilies. How much of the casil used for investing activilies was provided by operations? Start by completing the cash flows from operating activities. Then, continue with completing the investing and financing activities sections. Finally, determine the net increase (decrease) in cash. (Use a minus sign or parentheses for subtracting numbers that are typically shown enclosed in parentheses in a statement of cash flows.) Jackson Software Inc. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Loss on sale of equipment Increase in accounts receivable Increase in inventories Increase in prepaid expenses Increase in accounts payable Increase in income tax payable Decrease in accrued liabilities Subtotal Net cash provided by operating activities Cash flows from investing activities: Purchase of building Purchase of long-term Investment Proceeds from sale of equipment Collection of loan Net cash used for investing activities Cash flows from firancing activities: Issuance of common shares Issuance of common shares Issuance of long-term note payable Payment of cash dividends Repurchase of common shares Net cash provided by financing activities Net increase (decrease) in cash Cash balance, December 31, 2019 Cash balance, December 31, 2020 Non-cash investing and financing activities: Acquisition of land by issuing long-term note payable Repayment of bonds payable by issuing common shares Total non-cash investing and financing activities How much of the cash used for investing activities was provided by operations? Operations provided $ of the cash used in the investing activities. Current accounts December 31, 2020 2019 Current Accounts: Current assets: Cash and cash equivalents .. $ 59,100 $ 20,000 Accounts receivable 69,200 64,200 Inventories 88,000 87,000 Prepaid expenses 3,200 2,400 Current liabilities: Accounts payable 57,900 56,200 Income tax payable 19,000 17,100 Accrued liabilities 15,100 27,500 Transaction data Transaction Data for 2020: $ 97,000 Acquisition of land by issuing long-term note payable Stock dividends 31,800 10,200 18,000 Collection of loan Depreciation expense... Purchase of building Repayment of bonds payable by issuing common shares Purchase of long-term investment 67,000 67,000 44,800 Repurchase of common shares 14,200 Loss on sale of equipment 10,000 Payment of cash dividends 18,500 Issuance of long-term note payable to borrow cash 34,600 Net income 30,000 38,000 Issuance of common shares for cash Proceeds from sale of equipment 58,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students explore these related Accounting questions

Question

I felt sorry for the clerk.

Answered: 3 weeks ago