Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please fill the boxes with the correct amount!! thank you in advance!!! i will uplike!! Hunter Company is developing its annual financial statements at December

please fill the boxes with the correct amount!! thank you in advance!!! i will uplike!!
image text in transcribed
image text in transcribed
image text in transcribed
Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Current Year Prior Year Balance Sheet at December 31 Cash $ 46,220 $ 17,000 Accounts Receivable 25,200 27,000 Inventory 28,200 34.ee Equipment 108,800 100,000 Accumulated Depreciation-Equipment 136,200) (29,000) Total Assets $ 172,220 $ 149,000 Accounts Payable $ 23,800 $ 21,000 Salaries and Wages Payable 820 1,000 Notes Payable (long-term) 36,000 46.ee Common Stock 79,000 58,000 Retained Earnings 32,600 23,000 Total Liabilities and Stockholders' Equity $ 172,220 $ 149,000 Income Statement (current year) Sales Revenue $ 112,000 Cost of Goods Sold 67,000 Other Expenses 31, Bee Net Income $ 13,288 Additional Data: a. Bought equipment for cash. $8,800. b. Paid $10,000 on the long-term notes payable. c. Issued new shares of stock for $21,000 cash. d. Declared and paid a $3,600 cash dividend. e. Other expenses included depreciation, $7.200, salaries and wages, $11.200; taxes, $4,200: utilities, $9.200. 1 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 fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities: Neyt Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities

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_2

Step: 3

blur-text-image_3

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

The Essentials Of Finance And Accounting For Nonfinancial Managers

Authors: Edward Fields

3rd Edition

0814436943, 9780814436943

More Books

Students also viewed these Accounting questions

Question

Explain how to dispute irrational beliefs. Critical T hinking

Answered: 1 week ago