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Please create a cash flow statement using the indirect method and provide work/explanations. Thank you for your help, I will definitely leave a like! Question
Please create a cash flow statement using the indirect method and provide work/explanations. Thank you for your help, I will definitely leave a like!
Question 3: This question is meant to determine whether you can derive a cash flow statement using the indirect method from an income statement and a balance sheet. Sales Cost of Goods Sold Gross Profit Less Operating Expenses: Depreciation Income Statement For the Year Ended December 31, 1999 $740,000 (450,000) 290,000 Wages $ 30,000 180,000 24.000 Rent Operating Income Interest Expense Loss on Sale of Fixed Assets Net Income Before Taxes Less Income Tax Expense Net Income (234.000 $ 56,000 (4,000) (3.000) $ 49,000 (20,000) $ 29,000 Cash Accounts Receivable Inventory Prepaid Rent Total Current Assets Balance Sheet At December 31, 1999 1998 Change $18,000 $ 11,000 $7,000 60,000 54,600 5,400 40,000 44,500 (4,500) 2.000 1.800 200 $120,000 $111.900 $ 8,100 Fixed Assets Less: Accumulated Depreciation Total Long-Term Assets Total Assets $450,000 $422,400 27,600 (160,000) (135,700) (24.300) $290,000 $286,700 3,300 $410,000 $398,600 $11.400 $ 42,000 $44,900 $2,900) 7,000 6,300 700 2,000 1,700 300 $ 51,000 $ 52,900 $ (1,900) 40.000 43,000 (3.000) $ 91,000 $ 95,900 $(4,900) Accounts Payable Wages Payable Taxes Payable Total Current Liabilities Long-Term Bond Payable Total Liabilities Owners' Equity: Common Stock ($3 par) Additional Paid-In-Capital Retained Earnings Total Owners' Equity Total Liab. and Owners' Eq. A fixed asset costing $10,500 was sold. $27,000 $26,100 89,000 83,300 203,000 193,300 $319,000 $302,700 $410,000 $398,60 900 5,700 9,700 16,300 $11.400Step by Step Solution
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