Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One question only K Question 4 (of 33) 2400 points XS Supply Company is developing its annual financial statements at December 31, 2010. The statements

One question only image text in transcribed
image text in transcribed
K Question 4 (of 33) 2400 points XS Supply Company is developing its annual financial statements at December 31, 2010. The statements are complete except for the statement of cash fows. The completed comparative balance sheets and income statement are Balance Sheet at December 3 36.400 29.200 Accounts Receivable Merchandise Inventory 28,700 Property 39,700 36,300 Less: and Equipment 121,100 101,800 Accumulated Depreciation (29.700) 25,100) $202,400 $170,900 Accounts Payable 35,600 26,100 Wages Payable Note Payable, Long-Term 36,100 42,800 Contributed Capital 75,100 Retained Earnings 25,500 202,400 170 900 Income statement for 2010 $120,500 Cost of Goods Sold Other Expenses 13,100 Additional Data a Bought equipment for cash, $19,300. c issued new shares of stock for $15 900 c d No dividends were declared Other expenses included depreciation, $4600 wages, $20,500, taxes, 100, other s7 400 f Accounts payable includes only inventory purchases made on credit Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fuly paid in cash Prepare the statement of cash fows for the year ended December 31 2010 using the indirect method Arnounts to be deducted and negative net cash amount should be indicated with minus sign. Omit the sign in your response.)

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

Step: 3

blur-text-image

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

Information Technology Security Audit Guidebook NIST SP 800-171

Authors: Mark A Russo CISSP-ISSAP CISO

1st Edition

1726674908, 978-1726674904

More Books

Students also viewed these Accounting questions