Question
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows
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On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period.
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000.
Current Year
Prior Year
Assets
Cash $ 170,000
$74,000
Accounts Receivable (net) 78,000
85,000
Inventories 106,500
90,000
Equipment 395,000
370,000
Accumulated Depreciation (195,000)
(158,000)
Total assets $ 554,500
$461,000
Liabilities and stockholders' equity
Accounts Payable (merchandise creditors) $51,000
$50,000
Taxes Payable 2,500
5,000
Common Stock, $10 par 262,000
230,000
Retained Earnings 239,000
176,000
Total Liabilities and Stockholders' Equity $ 554,500
$461,000
Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Breach Co. Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities: $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: fill in the blank 4 Changes in current operating assets and liabilities: fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 Net cash flow from operating activities $fill in the blank 13 Cash flows from investing activities: $fill in the blank 15 Net cash flow used for investing activities fill in the blank 16 Cash flows from financing activities: $fill in the blank 18 fill in the blank 20 Net cash flow provided by financing activities fill in the blank 21 $fill in the blank 23 Cash at the beginning of the year fill in the blank 24 Cash at the end of the year $fill in the blank 25
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period.
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000.
Current Year | Prior Year | |
Assets |
|
|
Cash | $ 170,000 | $74,000 |
Accounts Receivable (net) | 78,000 | 85,000 |
Inventories | 106,500 | 90,000 |
Equipment | 395,000 | 370,000 |
Accumulated Depreciation | (195,000) | (158,000) |
Total assets | $ 554,500 | $461,000 |
Liabilities and stockholders' equity |
|
|
Accounts Payable (merchandise creditors) | $51,000 | $50,000 |
Taxes Payable | 2,500 | 5,000 |
Common Stock, $10 par | 262,000 | 230,000 |
Retained Earnings | 239,000 | 176,000 |
Total Liabilities and Stockholders' Equity | $ 554,500 | $461,000 |
Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Breach Co. | ||
Statement of Cash Flows | ||
For Year Ended December 31 | ||
Cash flows from operating activities: | ||
$fill in the blank 2 | ||
Adjustments to reconcile net income to net cash flow from operating activities: | ||
fill in the blank 4 | ||
Changes in current operating assets and liabilities: | ||
fill in the blank 6 | ||
fill in the blank 8 | ||
fill in the blank 10 | ||
fill in the blank 12 | ||
Net cash flow from operating activities | $fill in the blank 13 | |
Cash flows from investing activities: | ||
$fill in the blank 15 | ||
Net cash flow used for investing activities | fill in the blank 16 | |
Cash flows from financing activities: | ||
$fill in the blank 18 | ||
fill in the blank 20 | ||
Net cash flow provided by financing activities | fill in the blank 21 | |
$fill in the blank 23 | ||
Cash at the beginning of the year | fill in the blank 24 | |
Cash at the end of the year | $fill in the blank 25 |
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