Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help with the last 4 boxes CC 231 Fall 2021 Homework: Chapter 11 Homework he income statement and additional data of Noel Travel Products,
need help with the last 4 boxes
CC 231 Fall 2021 Homework: Chapter 11 Homework he income statement and additional data of Noel Travel Products, Inc, follow Click the icon to view the income statement) Click the icon to view the additional data) Requirements 1. Prepare Noel's statement of cash flows for the year ended December 31, 2021, using the Indirect method 2. Evaluate the company's cash flows for the year in your evaluation, mention all three categories of cash flows and give the rationale Datat $ 46,800 $ Rever 27.000 18,000 6.000 19.000 (20,000) (1 200) S DI Expen S 48 800 Cc 95,600 Sa De Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities Depreciation Increase in accounts payable Increase in accrued liabilities Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Net cash provided by used for) operating activities Cash flows from investing activities: Proceeds from sale of land Acquisition of plant assets Net cash provided by used for) investing activities Cash flows from financing activities: Proceeds from Issuance of common stock Payment of long-term noto payable Payment of dividends Net cash provided by used for) financing activities Net increase (decrease) in cash Cash balance, December 31, 2020 Cash balance December 31, 2021 Noncash investing and financing activities: Acquisition of plant assets by issuing a note payable $ 25,000 (105.000) Ad Inte (80,000) Inc $ N 100.000 (19.000) (11.000) 70,000 44000 View instructor tip Help me solve this Get more help by the cationale fortion More info Data table Noel Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues Service revenue 5 239.000 Dividend revenue 8.100 $ 247.100 Expenses Cost of goods sold 104 000 Salary expense 56.000 Depreciation expense 27.000 Advertising expense 2000 Interest expense 8.000 200 300 Income tax expense $ 46.800 Net Income Additional data a. Acquisition of plant assets was $149.000 of this amount 5105,000 was paid in cash and 544,000 was financed by signing a note payable b. Proceeds from the sale of land totaled 525.000 c. Proceeds from the issuance of common stock totaled $100.000 d. Payment of a long term note payable was $19.000 e. Payment of dividends was $11.000 f. From the balance sheets December 31 2021 2020 Current assets: Cash 5 100,000 $ 14400 Accounts receivable 36.000 55.000 Seventy 104.000 84,000 Prepaid expenses 9600 8.400 3.300 Current liabilities: Accounts payable Accredits 5 35,000 85.000 $10.000 79.000 Print Done Print Done 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