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please answer everything i dont have more questions remaining. Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31,
please answer everything i dont have more questions remaining.
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, Dec. 31, 2012 2011 Assets Cash $149 949 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (18) $460 Total Assets $327 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 225 Total liabilities and stockholders' equity $460 $327 The following additional information is taken from the records: 1. Land was sold for $40. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $99 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Olson-Jones Industries Inc. Statement of Cash Flows For the Year Ended December 31, 2042 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Il QOQO Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, Dec. 31, 2049 2048 Assets $223,450 $210,250 Cash Accounts receivable (net) Inventories 80,950 75,510 228,500 223,580 Investments 85,620 Land 117,200 252,120 197,670 Equipment Accumulated depreciation-equipment Total assets (59,020) (53,300) $843,200 $740,330 Liabilities and Stockholders' Equity Accounts payable $152,620 $145,850 Accrued expenses payable 15,180 19,250 Dividends payable 8,430 6,560 Common stock, $10 par 45,530 36,280 Paid-in capital: Excess of issue price over par- 171,170 100,680 common stock Retained earnings 450,270 431,610 Total liabilities and stockholders' equity $843,200 $740,330 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: Equipment and land were acquired for cash. . There were no disposals of equipment during the year. The investments were sold for $77,960 cash. . The common stock was issued for cash. . There was a $53,460 credit to Retained Earnings for net income. There was a $34,800 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year Step by Step Solution
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