Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
plase prepare the statement based on the given information Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows
plase prepare the statement based on the given information Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of cash during 2019, Net income $594,600 $ 22,850 Increase in accounts receivable 23.400 101.325 61.250 93.410 47.600 Cash received from sale of investment Cash paid for property, plant, and equipment Depreciation expense Proceeds from issuance of note payable Payment on bonds payable Cash received from issuance of common stock Payment of cash dividends Decrease in inventory Decrease in prepaid insurance Decrease in accounts payable Decrease in income taxes payable Increase in wages payable 50 000 31,550 7,600 200,000 20,000 30,000 18,200 Fannin had cash on hand at 1/1/2019 of $118.250 Required: Prepare a property formatted statement of cash flows using the indirect method Labels and Amount Descriptions Labels Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities December 31, 2019 For the year ended December 31, 2019 Amount Descriptions Cash, 1/1/2019 Cash, 12/31/2019 Cash from issuance of common stock Cash from sale of investment Cash paid for dividends Cash paid for property, plant, and equipment Decrease in accounts payable Decrease in accounts receivable Decrease in income taxes payable Decrease in inventory Decrease in prepaid insurance Decrease in wages payable Depreciation expense uctions Labels and Amount Descriptions Decrease in wages payable Depreciation expense Increase in accounts payable Increase in accounts receivable Increase in income taxes payable Increase in inventory Increase in prepaid insurance Increase in wages payable Net cash provided by financing activities Net cash provided by investing activities Net cash provided by operating activities Net cash used for financing activities Net cash used for investing activities Net cash used for operating activities Net decrease in cash Net income Net increase in cash Net loss Payment on bonds payable Proceeds from issuance of notes Statement of Cash Flows Prepare a property formatted statement of cash flows using the indirect method Cash Flows Instructions Fannin Company Statement of Cash Flows (Label) 1 (Label) 2 3 Adjustments to reconcile net income to net cash flow from operating activities: 5 6 9 10 11 1 (Label)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bb8214c1a5_248669bb820e2ec3.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bb821da73c_249669bb8217be38.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bb822803fa_250669bb8221a2f0.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bb8231d12f_250669bb822b4a1b.jpg)
plase prepare the statement based on the given information
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started